Hyperliquid, a prominent decentralized exchange (DEX), has seen a decline in trading volumes in 2025, with daily volumes averaging $270 million, down from peaks earlier in the year. This downturn occurs as legacy DEXes like PancakeSwap experience increased activity, suggesting a shift in market demand. Despite the drop in DEX volumes, Hyperliquid's token volume surged to over $1.93 billion, indicating robust network activity. The decline is linked to reduced demand for derivatives amid volatile market conditions, affecting large investors. Meanwhile, the HYPE token experienced a 390% increase in Q2 2025, though recent trends suggest potential bullish exhaustion.