Hyperliquid Wraps Up 2025 With $844M in Revenue and 600K+ New Users – A Record Year for the DEX
- What Were Hyperliquid's Key Financial Metrics for 2025?
- How Did Hyperliquid's User Base Grow in 2025?
- Which Products Generated the Most Revenue?
- How Did Traditional Assets Perform on Hyperliquid's HIP-3 Protocol?
- Which Cryptocurrencies Dominated Trading Volumes?
- What Controversies Did Hyperliquid Face in 2025?
- Frequently Asked Questions
In what can only be described as a landmark year for decentralized exchanges, Hyperliquid has reported staggering growth figures for 2025. The platform generated $844 million in trading revenue, processed $2.95 trillion in total volume, and onboarded over 600,000 new users. But these headline numbers only scratch the surface of Hyperliquid's remarkable year. From perpetual contracts dominating fee generation to Bitcoin maintaining its position as the most-traded asset, let's dive deep into the metrics that defined Hyperliquid's 2025 performance.
What Were Hyperliquid's Key Financial Metrics for 2025?
The numbers tell a compelling story of growth. Hyperliquid recorded $3.87 billion in net inflows and reached $4.15 billion in Total Value Locked (TVL). The exchange averaged $8.34 billion in daily volume, breaking down to $347.34 million per hour. Spot trading accounted for $116.8 billion of the annual volume, while HIP-3 transactions reached $11.01 billion. These figures, verified by CoinMarketCap and TradingView data, position Hyperliquid among the top decentralized exchanges globally.
How Did Hyperliquid's User Base Grow in 2025?
The platform added approximately 609,700 new users throughout the year, bringing significant liquidity to its ecosystem. This growth wasn't just in retail traders – Hyperliquid's developer community peaked at 289,800 users with 187 active developers contributing to the platform's expansion. BasedApp emerged as the leading developer on Hyperliquid, processing $35.18 billion in volume with 35,400 users, followed by Phantom ($23.05B volume) and PVP.Trade ($13.27B volume).
Which Products Generated the Most Revenue?
Perpetual contracts were the undisputed revenue champions, generating $848.33 million in fees alone. Spot trading fees totaled $40.61 million, while HLP transactions contributed $19.10 million to ecosystem revenues. The platform facilitated 198.9 billion transactions since January, averaging 561.7 million daily and 23.4 million hourly. Perpetuals dominated transaction volume with 174.3 billion, followed by spot trades at 22.6 billion, and HIP-3 transactions bringing up the rear with 1.9 billion.
How Did Traditional Assets Perform on Hyperliquid's HIP-3 Protocol?
In a bold move bridging crypto and traditional finance, Hyperliquid introduced global equities through its HIP-3 protocol. Nvidia led the pack with $1.73 billion in trading volume, followed by Tesla ($1.15B) and Google ($1.04B). This innovative offering has positioned Hyperliquid as more than just a crypto exchange, but as a comprehensive digital asset platform.
Which Cryptocurrencies Dominated Trading Volumes?
Bitcoin maintained its crown as Hyperliquid's most-traded digital asset with $1.16 trillion in volume. ethereum followed with $824.61 billion, while Solana rounded out the top three at $269.94 billion. The platform's native token, HYPE, currently trades at $25.86 according to CoinMarketCap, having gained 7.64% in the past week. HYPE now ranks 14th by market capitalization among all cryptocurrencies.
What Controversies Did Hyperliquid Face in 2025?
The DEX found itself addressing insider trading allegations in December, which it firmly denied. Hyperliquid clarified that short positions in HYPE originated from a former employee, emphasizing that current team members are prohibited from trading the native token. Independent analysis suggested the alleged insider position was too small ($25,140 involving 1,000 HYPE) to significantly impact markets.
Frequently Asked Questions
How does Hyperliquid's revenue compare to other DEXs?
With $844 million in revenue, Hyperliquid ranks among the top decentralized exchanges by income, though still trailing centralized giants like BTCC in overall volume.
What makes Hyperliquid different from other DEXs?
Hyperliquid operates on its own blockchain and offers unique products like HIP-3 for traditional assets, setting it apart from competitors.
Is Hyperliquid's growth sustainable?
While past performance doesn't guarantee future results, Hyperliquid's diversified product offerings and growing developer ecosystem suggest strong fundamentals.
