Hyperliquid Shatters Records: $844M Revenue & 600K+ New Users in 2025
Forget 'crypto winter'—Hyperliquid just built a bonfire with its year-end numbers.
The Revenue Rocket
While traditional finance grapples with single-digit growth, this decentralized exchange platform posted a revenue figure that would make a legacy bank blush. The total haul? A cool three-quarters of a billion dollars, signaling a massive shift in where trading volume—and profits—are flowing.
The User Avalanche
Growth wasn't just on the balance sheet. The platform didn't just attract users; it triggered a landslide. Over six hundred thousand new accounts were created, a stampede into decentralized finance that highlights a growing distrust of centralized gatekeepers and a hunger for self-custody.
Beyond the Hype Cycle
This isn't mere speculation. It's infrastructure adoption. The numbers point to a product-market fit that's moving faster than a high-frequency trading algo, capturing users tired of the old playbook—you know, the one where banks take your deposits, pay you near-zero interest, and then charge you fees for the privilege.
The message is clear: the smart money isn't just watching DeFi anymore; it's logging in.
Hyperliquid’s perps generate $848.33m in trading fees
🚨 Hyperliquid ADDS 600K+ USERS IN 2025
According to ASXN Data, Hyperliquid added ~609,700 new users in 2025, hitting $2.95T in cumulative volume, $844M in revenue, $3.87B in net inflows, and $4.15B TVL. pic.twitter.com/h1UIAdacGR
— Coin Bureau (@coinbureau) December 28, 2025
Data from Hyperscreener, a Hyperliquid data dashboard and analytics platform, shows that perpetual contracts generated the most fees, amounting to $848.33 million. Spot fees totaled $40.61 million while HLP transactions yielded $19.10 million in fees for the ecosystem. Perpetual contracts still led the platform’s revenue streams, bringing $808.54 million, while Spot contracts generated $35.25 million in total revenue the entire year.
The exchange facilitated 198.9 billion transactions since January, with a daily average of 561.7 million transactions and 23.4 million transactions every hour. Perpetual contracts represented the majority of these transactions, accounting for $ 174.3 billion, while Spot contracts followed far behind with only $ 22.6 billion in transactions. HIP-3 transactions accounted for the least amount of executed orders, with only 1.9 billion transactions.
Data from the analytics platform shows that Hyperliquid’s builder ecosystem peaked at 289.8k users with $46.27 million in revenue and 187 active builders. BasedApp ranked first among the top builders on Hyperliquid, with a volume of $35.18 billion and 35.4k users, followed by Phantom and PVP.Trade with volumes of $23.05 billion and $13.27 billion, respectively. Phantom ended the year with about 81.7k users while PvP.Trade had 19.5k users. Bitget claimed the tenth position with a volume of $2.53 billion and a little over 10k users.
The data from Hyperscreener also highlighted that the DEX had introduced global equities such as Apple, Nvidia, Amazon, Google, and Tesla through its HIP-3 protocol. Nvidia was the most traded HIP-3 listing with $1.73 billion in trading volume. Tesla and Google followed with $1.15 billion and $1.04 billion, respectively.
Bitcoin tops the list as the most-traded cryptocurrency on Hyperliquid
Bitcoin was the most-traded digital asset on the platform, with a trading volume of $1.16 trillion. ethereum and Solana trail behind with $824.61 billion and $269.94 billion in trading volume, respectively.
According to data from CoinMarketCap, Hyperliquid’s native cryptocurrency, HYPE, is currently trading at $25.86. The digital asset is up by 7.64% in the last seven days and ranks 14th on CoinMarketCap’s list of the largest cryptocurrencies by market cap.
The news comes after the DEX denied claims of insider trading on December 22 and urged that open short positions on HYPE originated from a former employee. The DEX also claimed that team members and current employees are banned from trading the DEX’s native token.
Cryptopolitan reported that the alleged insider position was valued at $25,140 and involved the short sale of 1,000 HYPE shares. The report emphasized that the position was too small to have a significant impact on the market by introducing additional volatility. The report also highlighted that the insider owns 2.5 million HYPE in the spot market and has consistently held despite HYPE’s poor performance and the overall crypto meltdown.
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