HYPE Token Price Turns Volatile Despite Hyperliquid’s May Revenue Rankings

Key Insights:

• Hyperliquid led with $64.3M in May revenue.
• HYPE token rallied 61% over the last month.
• PancakeSwap hit $32.2M as volume rebounded.
• Raydium and Aerodrome saw strong revenue growth.

The HYPE token, native to the Hyperliquid decentralized exchange, surged by approximately 61% in May 2025, while Hyperliquid itself emerged as a leader in revenue generation among blockchain platforms.

This dual achievement highlights the growing influence of decentralized exchanges (DEXs) in the cryptocurrency market, with Hyperliquid setting a new standard for combining innovative trading solutions with a user-centric revenue model.

Hyperliquid’s Rise in DeFi

Hyperliquid operates as a decentralized perpetual exchange, specializing in perpetual contracts that allow traders to leverage positions on assets like Bitcoin, Ethereum, and Solana without expiration dates.

Launched in late 2024, the platform has gained traction for its high-speed trading, low latency, and user-friendly interface, blending centralized and decentralized finance elements.

Its native token, HYPE, plays a central role in its ecosystem, benefiting from a unique revenue-sharing model where all platform fees are redistributed to users through token buybacks. This approach has driven significant demand for HYPE, contributing to its market performance.

The HYPE token experienced a notable price increase in May 2025. Data indicates that on May 5, 2025, HYPE traded at $19.82, rising to $32.46 by May 31, a 63.78% gain, closely aligning with the reported 61% surge.

The HYPE token hit an all-time high of $38.81 on May 26, 2025, before settling at $32.46 by month-end, reflecting strong but volatile market dynamics.

Hyperliquid’s Revenue Dominance in May 2025

DefiLlama data show Hyperliquid again leading all tokenized protocols, with $64.3M in revenue for May (third month in a row at #1).

The on-chain derivatives exchange also set a new volume record – about $244 billion in May – and its native HYPE token has soared roughly 60% in the past 30 days.

This strong fee generation has coincided with wider market shifts: analysts note that traders are rotating into faster DeFi platforms, which has helped drive Hyperliquid’s performance.

In contrast, PancakeSwap on Binance Smart Chain generated about $32.2 million in fees. That aligns with DefiLlama’s annualized figure of $1.585 billion (roughly $32.7 million monthly).

PancakeSwap’s daily trading volume jumped to $12.08 billion, signaling a return to 2021 levels. These figures cement its position as the second-highest revenue producer among token-backed protocols.

Sky, formerly MakerDAO’s DeFi savings arm, brought in around $16.8 million in May. Its monthly income has hovered between $13 million and $16 million over the past quarter.

Despite reporting a $5 million loss in Q1—largely due to higher interest payouts on its USDS stablecoin—Sky’s fee revenue has stabilized. This consistency keeps Sky among DefiLlama’s top-five earners.

Raydium, Others Rebound

On Solana, Raydium recorded approximately $12.42 million in May fees. With an annualized run rate near $151.5 million (about $12.6 million per month), Raydium is rebounding from a Q1 downturn.

After a January surge driven by meme-token activity, its daily volume plunged roughly 66% by March. In May, however, Raydium reclaimed nearly half of Solana’s DEX volume, reflecting renewed user interest.

Aerodrome on Base reported about $11.49 million in May revenue. Matching its $163.5 million annualized fee run rate around $11.7 million monthly.

Across these platforms, token prices have broadly mirrored revenue strength. As one analyst put it, traders are seeking “the next Solana or the next dYdX,” favoring high-throughput, fee-generating protocols.

In this landscape, Hyperliquid stands out by converting trading volume into sizable treasury revenue. Thus contributing to HYPE’s roughly 60% price gain and Hyperliquid’s top spot in DefiLlama’s May rankings.

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