Decentralized exchange Hyperliquid has leapfrogged major centralized platforms in PUMP spot trading volume, marking a shift in trader behavior following the token’s highly anticipated launch.

Over the past 24 hours, Hyperliquid processed $165 million in PUMP spot trades, outpacing Bitget and MEXC, which saw $95 million and $149 million in volume respectively, according to CoinGecko data.

This surge places Hyperliquid third overall in global spot volume for the token, trailing only Gate and Bybit, which recorded $243 million and $175 million respectively.

Hyperliquid’s rise in the PUMP market reflects a growing willingness among traders to execute sizable volume on decentralized infrastructure. By comparison, Solana-native DEXs such as Meteora handled just $63 million in spot PUMP trades, while Pump.fun’s own native DEX, PumpSwap, processed only $28 million during the same period.

PUMP was trading at $0.0068 at press time, up 23% over the past 24 hours.