TL;DR
- Hyperliquid smashed records with $1.57 trillion in on-chain perpetuals volume over 12 months, vaulting past every DeFi derivatives rival.
- It hit new highs, $248 billion in May and $208 billion in early June, cementing a core of pro and high-frequency traders.
- Profits soared past $310 million in fees, and the launch of HyperEVM signals a shift from just perps to a full DeFi ecosystem.
In just twelve months, Hyperliquid has redefined the competitive landscape for on-chain perpetual futures trading. What started as a niche decentralized exchange has exploded into a dominant force, handling over $1.57 trillion in volume and pulling in hundreds of millions in revenue. Here’s how Hyperliquid accelerated past rivals and laid the groundwork for its next phase of expansion.
Rapid Ascent: Surpassing $1.57 Trillion in Annual Volume
Over the past year, Hyperliquid’s on-chain order book processed an astonishing $1.57 trillion in perpetual futures trades. According to blockchain analytics, that figure vaulted the platform to the top of DeFi derivatives, outpacing every other protocol combined.
A striking increase in volume, rising from $75 billion in November to $150 billion in December, aligned with Hyperliquid’s $1.2 billion HYPE token airdrop, sparking a wave of new participants and liquidity providers.
Monthly Milestones: May and June Volume Spikes
Hyperliquid’s momentum didn’t fade after December. In May, traders completed $248 billion in perpetuals volume, setting a new monthly record. June followed suit, with $208 billion traded in the first weeks alone, reinforcing Hyperliquid’s lead over its on-chain peers, whose combined volume hovered around $140 billion.
Such consistent monthly milestones signal that Hyperliquid has locked in a core base of high-frequency and professional traders who prize its speed and depth.
Revenue Boom: $310 Million and Counting
High volume translates into hefty fees. In June, Hyperliquid collected $56 million in trading fees, pushing its lifetime revenue past $310 million. That level of profitability rivals some of the biggest layer-1 networks. With sub-second finality and the capacity to handle over 100,000 orders per second, Hyperliquid’s infrastructure not only attracts more flow but also sustains its competitive edge in fee generation.
Beyond Perps: Building the HyperEVM Ecosystem
Although perpetual futures are still the main product, the protocol has plans to expand its offerings. Earlier this year it launched HyperEVM, a fully Ethereum-compatible network powered by HyperCore, its custom layer-1 software.
By opening the door for smart contracts, decentralized apps, and community-driven buybacks, the protocol is evolving from a derivatives venue into a full-blown ecosystem. This strategic pivot sets the stage for sustained growth as users seek both trading prowess and new on-chain utility.
