Hyperliquid Achieves Record Revenue of $106 Million

In August, Hyperliquid marked its highest revenue and trading volume to date, reaching $106 million—a 23% rise from July’s $86.6 million. This surge was fueled by a staggering perpetual trading volume of nearly $400 billion. Recently, Hyperliquid has captured a significant share of the decentralized perpetuals market, outpacing other major DeFi protocols in terms of volume. Data from The Block’s dashboard reveals that Hyperliquid commands 70% of the market share among top perpetual trading platforms, with competitors like Jupiter and Orderly Network lagging behind. The platform's rapid growth is largely attributed to its innovative on-chain architecture, built on its proprietary Layer-1 blockchain, HyperEVM. This setup not only delivers high performance but also minimizes transaction fees, attracting more traders. Furthermore, institutional interest has been piqued by the recent launch of 21Shares’ Hyperliquid exchange-traded product on the SIX Swiss Exchange. However, August was not without its challenges. The platform faced criticism after a whale investor allegedly manipulated a newly launched futures market for the XPL token, leading to significant losses for other traders. A similar incident occurred in March involving the Jelly memecoin futures market. In response to these challenges, Hyperliquid implemented new measures to protect traders. These updates included a 10x price cap based on the 8-hour exponential moving average and the integration of external market data to enhance price stability. Brandon Kae and Ivan Wu from The Block have noted that the sustainability of Hyperliquid’s growth will depend on the platform's ability to retain its technical advantage while scaling to meet increasing user demand, without losing the performance that attracted traders from centralized platforms in the first place. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures holds a majority stake in The Block. Foresight Ventures invests in other crypto-related companies. Crypto exchange Bitget serves as a prominent LP for Foresight Ventures. The Block operates independently, delivering objective and timely information about the crypto industry. For financial disclosures, please refer to our website. © 2025 The Block. All Rights Reserved. This article is for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.