Decentralized exchange Hyperliquid recorded over $1.571 trillion in perpetual futures trading volume in the past 12 months.
With a large volume, Hyperliquid made $56 million in fees and revenue this month, bringing its cumulative revenue to $310 million.
The data aggregated by Sealaunch on Dune Analytics shows that Hyperliquid saw $$248 billion in perps volume in May. With $208 billion in volume so far this month, Hyperliquid significantly outpaced its competitors — other onchain perpetual exchanges combined reached $140 billion.
Hyperliquid experienced significant growth in onchain perpetual trade volume by the end of 2024. Hyperliquid’s volume doubled from $75 billion in November to $150 billion in December 2024, coinciding with its airdrop of $1.2 billion HYPE tokens.
“Hyperliquid offers sub-second finality and handles over 100,000 orders per second, powering a fully on-chain order book that delivers unmatched speed and transparency,” said Min Jung, research analyst at Presto Research.
While Hyperliquid achieved early success as a perpetual futures trading platform, it expanded its development earlier this year by launching HyperEVM. This Ethereum-compatible network enables developers to launch smart contracts and dapps. This was linked to HyperCore, a foundational software that supports the platform’s Layer 1 blockchain.
“Combined with its community-focused buyback program, robust HyperEVM ecosystem, and clear on-chain auditability, Hyperliquid has proven it can match the depth and resilience of top centralized venues, while staying radically transparent,” Min said.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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