Hyperliquid Wraps Up 2025 with $844M Revenue and 600K+ New Users: of Explosive Growth
- How Did Hyperliquid Perform Financially in 2025?
- What Drove Hyperliquid’s User Growth?
- Which Products Generated the Most Fees?
- How Did HIP-3 and Traditional Stocks Perform?
- Which Cryptocurrencies Dominated Trading?
- FAQs: Your Hyperliquid Questions, Answered
Hyperliquid, the decentralized crypto exchange with its own blockchain, just closed 2025 with staggering numbers: $844M in revenue, 600K+ new users, and a jaw-dropping $2.95T trading volume. Perpetuals dominated fees ($848M), Bitcoin led crypto trades ($1.16T), and even traditional stocks like Nvidia got a slice of the action. Oh, and their native token HYPE? Up 7.64% this week despite crypto’s "winter." Buckle up—this breakdown’s got the juicy details.
How Did Hyperliquid Perform Financially in 2025?
Hyperliquid didn’t just have a good year—it had aone. The platform generated $844 million in revenue, primarily from trading fees, while processing a mind-bending $2.95 trillion in total trading volume. To put that in perspective, that’s roughly the GDP of France changing hands on a single DEX. Daily averages hit $8.34 billion, with perpetual contracts (more on those later) accounting for a whopping 80% of activity. Net inflows reached $3.87 billion, and Total Value Locked (TVL) peaked at $4.15 billion—numbers that’d make even Coinbase raise an eyebrow.
What Drove Hyperliquid’s User Growth?
Forget "going viral"—Hyperliquid went, adding 609,700 new users since January. That’s like the entire population of Boston signing up to trade crypto. The surge likely stems from three factors: 1) Its proprietary blockchain (no ethereum gas wars), 2) HIP-3 listings for stocks like Tesla and Nvidia (because why choose between memecoins and tech giants?), and 3) A builder ecosystem that onboarded 289,800 users alone. Top apps like BasedApp ($35.18B volume) and Phantom (81.7K users) turned the platform into a DeFi playground.
Which Products Generated the Most Fees?
Perpetuals were the undisputed cash cow, raking in $848.33 million—enough to buy 2,832 Bitcoins at today’s prices. Spot trading trailed at $40.61 million, while HLP transactions (Hyperliquid’s liquidity pools) contributed $19.10 million. Fun fact: 198.9 billion transactions occurred in 2025, averaging 561.7 million daily. That’s 23.4 million trades, or roughly 6,500 per second. Try counting that fast without caffeine.
How Did HIP-3 and Traditional Stocks Perform?
HIP-3, Hyperliquid’s gateway to tokenized stocks, saw $11.01 billion in volume. Nvidia led the pack ($1.73B), proving crypto degens love GPU makers as much as gamers do. Tesla and Google followed at $1.15B and $1.04B respectively—though Elon’s tweets probably influenced those swings. Meanwhile, the builder ecosystem peaked with 187 active projects, including PvP.Trade ($13.27B volume) and Bitget (10K users).
Which Cryptocurrencies Dominated Trading?
Bitcoin remained king ($1.16T volume), but Ethereum ($824.61B) and Solana ($269.94B) put up respectable fights. HYPE, Hyperliquid’s native token, climbed 7.64% last week to $25.86—impressive during a market slump. The DEX also shut down insider trading rumors, clarifying that aemployee’s 1,000 HYPE short position ($25K) was too small to manipulate prices. (Pro tip: When your team holds 2.5M tokens, petty shorts aren’t worth the drama.)
FAQs: Your Hyperliquid Questions, Answered
How does Hyperliquid’s revenue compare to centralized exchanges?
At $844M, Hyperliquid rivals mid-tier CEXs like KuCoin. For context, Binance reportedly made ~$9.8B in 2023. But remember: DEXs like Hyperliquid automate custody, so their margins are often higher.
Why are perpetual contracts so popular on Hyperliquid?
Leverage, baby. Perpetuals let traders speculate with up to 50x leverage—no expiry dates, just pure adrenaline. They’re 94% of Hyperliquid’s fee income because, well, crypto traders love risk.
Is HYPE a good investment?
This article does not constitute investment advice. That said, HYPE’s recent 7.64% rise during a bear market suggests strong platform adoption. DYOR—maybe start with theirstats.
