Rising DEX : Jupiter and Hyperliquid Leading the Pack

In May 2025, the decentralized exchanges (DEX) sector is witnessing a remarkable growth. Jupiter on Solana has seen its daily volume surge by 166% to reach $1.22 billion

In May 2025, the decentralized exchanges (DEX) sector is witnessing remarkable growth. Jupiter on Solana has seen its daily volume surge by 166% to reach $1.22 billion. Meanwhile, Hyperliquid is emerging as the dominant force in decentralized derivatives with an open interest of $8.9 billion and a market share of 78.8% in DEX futures.

Solana has now surpassed Ethereum and Binance Smart Chain (BSC) with a DEX daily volume of $2.8 billion. Here is an in-depth analysis of this dynamic.

Jupiter (JUP): Explosively Growing on Solana

Jupiter, the leading DEX aggregator on Solana, witnessed a 166% increase in its daily volume, reaching $1.22 billion, as reported by Bankless Times.

This performance places Jupiter as the second-largest DEX, right behind Hyperliquid.

In January 2025, Jupiter generated $36 billion in monthly volume, showing consistent growth compared to the previous months. The volume/market capitalization ratio suggests a potential undervaluation of the JUP token.

The integration of features such as limit orders and DCA (Dollar-Cost Averaging) enhances the platform’s attractiveness to traders.

Key Factors Driving Jupiter’s Growth:

Hyperliquid (HYPE) : Undisputed DEX Leader

Hyperliquid stands out in decentralized derivatives with a record open interest of $8.9 billion as of May 22, 2025, according to CoinStats. The platform holds 70% of the on-chain perpetual market and 78.8% of DEX futures market, based on our data.

Hyperliquid’s volume has skyrocketed from $21 billion to $570 billion, a growth of 25.3 times, according to CoinShares. In January 2025, its monthly volume reached $198 billion, surpassing Jupiter ($36 billion) and dYdX ($19 billion).

With a cumulative volume approaching a trillion dollars, Hyperliquid is consolidating its dominance.

Key Indicators of Hyperliquid:

Expanding DEX Market

The DEX sector shows a total volume of $17.5 billion in 24 hours, according to CoinGecko. Solana leads with $806.8 billion in 2025, a 400% increase, surpassing Ethereum and BSC ($2.8 billion daily volume).

After a 35% decline post-January 2025, volumes are trending upwards, signaling a new expansion phase.

DEX Growth Drivers:

In conclusion, Jupiter and Hyperliquid establish themselves as leaders in their respective segments. Jupiter benefits from the Solana ecosystem, while Hyperliquid dominates derivatives.

Driven by Solana and innovations like sharding, DEXs are reshaping the crypto landscape in 2025. Jupiter ($1.22 billion volume) and Hyperliquid ($8.9 billion open interest) offer enticing opportunities.