The primary factor behind this surge is the growing dominance of Hyperliquid over its CEX rivals. In June 2025, Hyperliquid oversaw more than $210 billion in perpetuals volume, which actually marks a ~15% decrease from the previous month. However, Binance’s perpetuals volume fell by ~20% in the same period.

Hyperliquid’s relative resilience has led to a new peak in the Hyperliquid-to-Binance ratio, which currently sits at 11.3%, up from 10.5% last month. Moreover, Hyperliquid recaptured a significant portion of its perp DEX market share this month. At the end of May, Hyperliquid held a 69.77% market share. Now, a month later, it commands an impressive 75%.

Aside from Hyperliquid, APX Finance has also played a role in the growing DEX-to-CEX futures trade volume this month. In June, APX Finance reported over $34 billion in volume, a ~350% increase month-over-month. This follows a 120% monthly rise in the previous month, where APX Finance’s volume grew from $3.4 billion in April to $7.51 billion in May.

The surge in APX Finance’s volumes is likely due to the combined effect of its “stage 1 points trading-mining” incentive program that ran from April 10 to June 22, and the introduction of its market maker incentive program on June 6. Notably, APX Finance merged with Astherus in March 2025 to form Aster.

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Zhou emphasized the unique selling point of the new exchange: its combination of centralized exchange (CEX) and decentralized exchange (DEX) elements. “Byreal is more than just another DEX. It merges CEX-level liquidity with the transparency inherent in DeFi. This represents true hybrid finance,” Zhou stated.

“We are constructing an on-chain extension of a global exchange, fusing CEX-level liquidity with DeFi-native transparency,” the Byreal team added. They also announced that the testnet is set to launch on June 30, while the mainnet is anticipated in Q3, 2025.

With advanced routing features, Byreal promises unified liquidity and speed. It integrates RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing. This enables users to benefit from low-slippage and MEV-protected swaps at high speeds.

Despite entering a competitive DEX market currently dominated by Uniswap, Bybit is optimistic about its new offering. DEXs have seen a notable decline in total value locked (TVL), dropping 75% from its peak of $80 billion in November 2021 to $20.3 billion.

Solana’s network, known mainly for minting and trading memecoins, hosts several decentralized exchanges. Raydium, the largest among them with a TVL of $1.7 billion, commands a 55% market share of the total locked in the Solana ecosystem.

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