Hyperliquid Becomes Perp-DEX Standard; AFX Joins Race in May 2026
According to CoinGecko, Hyperliquid processed $190.28 billion in volume in April 2026, ranking 9th among all perpetual futures exchanges. On May 18, L1 network AFX launched to compete in the perp-DEX space.
By spring 2026, Hyperliquid had established itself as the de facto standard in the perp-DEX segment. CoinGecko data shows the platform handled $190.28 billion in trading volume in April 2026, accounting for about 3.9% of total volume across all perpetual futures platforms, including centralized exchanges (CEXs), placing it ninth overall.
Despite this dominance, on-chain derivatives still face infrastructure issues. Vulnerabilities such as memecoin manipulation and unstable mark price performance during periods of high load persist. Competitors are responding with alternative architectural solutions.
On May 18, 2026, AFX, a Layer-1 network built specifically for perpetual futures trading, entered the fray. The project's design aims to address these challenges with a novel approach, though details of its architecture remain to be seen.
Source: ForkLog