Hyperliquid Hits $1.5T in Perps Trading, Bags Over $300M in Revenue

Decentralized exchange Hyperliquid has surpassed $1.57 trillion in perpetual futures trading volume over the past 12 months. This positions the platform among the largest players in the on-chain derivatives market.

In June alone, the decentralized exchange (DEX) generated $56 million in fees and revenue. Notably, this brings its total cumulative revenue to around $310 million.

Hyperliquid Records Surge in Volumes

On-chain data show that Hyperliquid recorded $248 billion in perpetual volume in May. So far in June, it has processed $208 billion, significantly outpacing other decentralized perpetual platforms, which collectively saw just $140 billion.

This continued momentum builds on a surge in activity observed at the end of 2024. The platform recorded $150 billion in trading volume in December, up from $75 billion the previous month. The surge coincided with the platform’s airdrop of 31% of its total supply of 1 billion HYPE tokens.

The exchange’s performance is supported by its technical infrastructure. Hyperliquid operates a fully on-chain order book with sub-second finality, processing over 100,000 orders per second. According to Min Jung of Presto Research, this setup enables fast execution while preserving transparency.

Looking to expand beyond derivatives, the DEX launched HyperEVM in early 2025. This Ethereum-compatible network allows developers to build smart contracts and decentralized applications on its platform.

At the core of this expansion is HyperCore, the software layer powering Hyperliquid’s Layer 1 blockchain. The goal is to create a broader ecosystem that supports a wider range of use cases beyond trading.

Min Jung noted that Hyperliquid combines high-speed infrastructure with open auditing tools. She added that community-driven features, such as its buyback program, help reinforce trust among users.

Trader Nets $29M on Hyperliquid

Meanwhile, an anonymous trader recently gained attention after turning $2.95 million into over $29 million on Hyperliquid. The user opened long positions on 16 digital assets, including Bitcoin, Ethereum, Solana, and Litecoin. The trades were made during a market dip when Bitcoin briefly fell below $75,000.

Soon after, BTC climbed past $111,000, lifting the trader’s overall portfolio. The successful timing resulted in massive unrealized profits within under two months.

At the time of writing, the DEX’s native token, HYPE, trades at around $40. The token has risen 3.4% in the past day and is up nearly 30% over the last month.

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