Hyperliquid Wraps Up 2025 with $844M Revenue and 600K+ New Users: A Deep Dive into the DEX’s Stellar Year

• How Did Hyperliquid Perform Financially in 2025?
• What Drove User Growth to 600K+ New Sign-Ups?
• Which Cryptos and Assets Topped Trading Charts?
• Who Were the Top Builders on Hyperliquid?
• What’s Next for Hyperliquid?
• Hyperliquid 2025: FAQs

Hyperliquid, a decentralized exchange (DEX) built on its own blockchain, closed 2025 with explosive growth: $844M in revenue, $2.95T in trading volume, and over 600K new users. Perpetual contracts dominated fees ($848M), while bitcoin led crypto trades ($1.16T). The platform also introduced tokenized stocks like NVIDIA and Tesla via its HIP-3 protocol. Here’s the full breakdown of its milestone year.

How Did Hyperliquid Perform Financially in 2025?

Hyperliquid’s 2025 revenue hit $844 million, driven by $2.95 trillion in total trading volume. Perpetual contracts generated 95% of fee income ($848.33M), dwarfing spot trades ($40.61M) and HIP-3 transactions ($19.1M). Daily averages were staggering: $8.34B traded per day, with $347.34M hourly. Capital inflows reached $3.87B, and Total Value Locked (TVL) peaked at $4.15B. For context, these figures place Hyperliquid among the top 5 DEXs globally by volume, per CoinMarketCap data.

What Drove User Growth to 600K+ New Sign-Ups?

The platform added 609,700 users in 2025, a 58% YoY increase. Key draws included low-fee perpetuals (174.3B trades) and HIP-3’s tokenized stocks. Nvidia was the top HIP-3 asset ($1.73B volume), followed by Tesla ($1.15B) and Google ($1.04B). "HIP-3 bridged crypto and traditional markets, attracting institutional traders," noted a BTCC analyst. User retention was strong, with 289,800 builders in its ecosystem generating $46.27M in revenue.

Which Cryptos and Assets Topped Trading Charts?

Bitcoin dominated with $1.16T in volume, trailed by ethereum ($824.61B) and Solana ($269.94B). Hyperliquid’s native token, HYPE, rose 7.64% in December 2025 to $25.86, ranking #14 by market cap. Interestingly, HYPE weathered insider-trading allegations after the DEX clarified that a former employee—not current staff—opened a minor short position (1,000 HYPE worth $25,140). The token’s stability amid the controversy surprised many, given its 2.5M spot holdings by the insider.

Who Were the Top Builders on Hyperliquid?

BasedApp led with $35.18B volume and 35,400 users, followed by Phantom ($23.05B) and PVP.Trade ($13.27B). Bitget rounded out the top 10 ($2.53B). Builder diversity highlights Hyperliquid’s appeal: 187 active projects spanned DeFi, derivatives, and now equities. "The builder ecosystem is our moat," Hyperliquid’s team stated in a December AMA.

What’s Next for Hyperliquid?

With HIP-3’s stock trading gaining traction and perpetuals still king, 2026 could see further institutional adoption. The DEX’s transparency during the HYPE incident—banning team trading and disclosing holdings—boosted credibility. As one trader put it, "They turned a scandal into a trust-builder."