Hyperliquid Closes 2025 with $844M Revenue and 600K+ New Users: A Record Year for the DEX
- How Did Hyperliquid Perform Financially in 2025?
- What Drove Hyperliquid’s User Growth?
- Which Assets Were Most Traded on Hyperliquid?
- How Did Fee Generation Break Down?
- What Controversies Did Hyperliquid Face?
- What’s Next for Hyperliquid?
- FAQs About Hyperliquid’s 2025 Performance
In a landmark year for decentralized finance, Hyperliquid has emerged as a powerhouse, closing 2025 with staggering numbers: $844 million in revenue, $2.95 trillion in trading volume, and over 600,000 new users. The platform’s growth has been nothing short of explosive, cementing its position as a leader in the DEX space. From perpetual contracts dominating fee generation to Bitcoin leading trading volumes, here’s a deep dive into Hyperliquid’s record-breaking year.
How Did Hyperliquid Perform Financially in 2025?
Hyperliquid’s financials for 2025 are a testament to its dominance. The platform generated $844 million in revenue, primarily driven by trading activities. Total trading volume hit $2.95 trillion, with daily averages reaching $8.34 billion. Perpetual contracts were the star, contributing $808.54 million in revenue, while spot trading added $35.25 million. The DEX also saw $3.87 billion in net inflows and a Total Value Locked (TVL) of $4.15 billion, according to data from ASXN.
What Drove Hyperliquid’s User Growth?
Hyperliquid added 609,700 new users in 2025, a 40% increase from the previous year. The platform’s builder ecosystem peaked at 289,800 users, with 187 active builders. BasedApp led the pack with $35.18 billion in volume, followed by Phantom and PVP.Trade. The DEX’s HIP-3 protocol also gained traction, listing global equities like Apple, Nvidia, and Tesla, with Nvidia alone seeing $1.73 billion in trading volume.
Which Assets Were Most Traded on Hyperliquid?
Bitcoin reigned supreme, with $1.16 trillion in trading volume. ethereum and Solana followed at $824.61 billion and $269.94 billion, respectively. Hyperliquid’s native token, HYPE, also saw action, trading at $25.86—a 7.64% weekly gain—and ranking 14th by market cap on CoinMarketCap.
How Did Fee Generation Break Down?
Perpetual contracts generated $848.33 million in fees, dwarfing spot fees ($40.61 million) and HLP transactions ($19.10 million). The platform facilitated 198.9 billion transactions, averaging 561.7 million daily. Perpetuals accounted for $174.3 billion of these, while spot transactions lagged at $22.6 billion.
What Controversies Did Hyperliquid Face?
In December 2025, Hyperliquid denied insider trading allegations, clarifying that short positions in HYPE originated from a former employee. The DEX emphasized that current team members are barred from trading its native token. Cryptopolitan reported the incident involved a $25,140 short position, deemed too small to significantly impact the market.
What’s Next for Hyperliquid?
With its 2025 performance, Hyperliquid has set a high bar for 2026. The DEX’s focus on perpetual contracts and HIP-3 listings positions it for continued growth. As the crypto market evolves, Hyperliquid’s ability to innovate—and maintain transparency—will be key to retaining its user base and attracting new capital.
FAQs About Hyperliquid’s 2025 Performance
How much revenue did Hyperliquid generate in 2025?
Hyperliquid reported $844 million in revenue for 2025, driven largely by perpetual contract trading.
Which asset was the most traded on Hyperliquid?
Bitcoin led with $1.16 trillion in trading volume, followed by Ethereum and Solana.
Did Hyperliquid face any controversies in 2025?
Yes, the DEX denied insider trading claims in December, attributing short positions to a former employee.
