Hyperliquid 抢占 CEX 市场份额？7月CEX期货量创两年新低
Is Hyperliquid Taking Market Share From CEXs?
Is Hyperliquid Taking Market Share From CEXs?
Hyperliquid 正在抢占中心化交易所的市场份额吗？
CEX futures volume just hit its lowest level since December 2023.
中心化交易所的期货交易量刚刚触及自2023年12月以来的最低点。
According to @CryptoRank_io, total CEX futures volume fell to $4.0T in July, down sharply from the $10T+ peaks seen in late 2025.
根据 @CryptoRank_io 的数据，7月份中心化交易所的期货总交易量降至4.0万亿美元，远低于2025年末超过10万亿美元的峰值。
While CEX activity is shrinking, Hyperliquid is still growing.
在中心化交易所活动萎缩的同时，Hyperliquid 仍在增长。
Hyperliquid processed $218B in July perpetual volume, more than the next seven leading perp DEXs combined. Meanwhile, active traders continue to rise, and HIP3 RWA open interest has surpassed $4B.
Hyperliquid 在7月份处理了2180亿美元的永续合约交易量，超过了紧随其后的七家领先永续合约去中心化交易所的总和。同时，活跃交易者数量持续上升，HIP3 现实世界资产未平仓合约已超过40亿美元。
Hyperliquid may be capturing a structural shift in where traders want to trade.
Hyperliquid 可能正在捕捉交易者交易偏好上的结构性转变。
As CEX volumes cool, Hyperliquid is expanding its addressable market through RWA perps, 24/7 trading, and deeper onchain liquidity.
随着中心化交易所交易量的降温，Hyperliquid 正通过现实世界资产永续合约、24/7交易和更深的链上流动性来扩大其可寻址市场。
The key isn't whether the overall derivatives market grows.
关键不在于整体衍生品市场是否增长。
It's whether Hyperliquid can capture an increasing share of it.
而在于 Hyperliquid 能否占据其中越来越多的份额。
If even a fraction of the volume leaving CEXs moves onchain, Hyperliquid could be one of the biggest beneficiaries.
即使离开中心化交易所的交易量中只有一小部分转移到链上，Hyperliquid 也可能成为最大的受益者之一。
CEX weakness could ultimately become Hyperliquid's opportunity.
中心化交易所的疲软最终可能成为 Hyperliquid 的机遇。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力