Hyperliquid perps volume tops $1.5 trillion over past year, with $300 million in cumulative revenue

Decentralized exchange Hyperliquid recorded over $1.571 trillion in perpetual futures trading volume in the past 12 months.

With a large volume, Hyperliquid made $56 million in fees and revenue this month, bringing its cumulative revenue to $310 million.

The data aggregated by Sealaunch on Dune Analytics shows that Hyperliquid saw $$248 billion in perps volume in May. With $208 billion in volume so far this month, Hyperliquid significantly outpaced its competitors — other onchain perpetual exchanges combined reached $140 billion.

Hyperliquid experienced significant growth in onchain perpetual trade volume by the end of 2024. Hyperliquid's volume doubled from $75 billion in November to $150 billion in December 2024, coinciding with its airdrop of $1.2 billion HYPE tokens.

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"Hyperliquid offers sub-second finality and handles over 100,000 orders per second, powering a fully on-chain order book that delivers unmatched speed and transparency," said Min Jung, research analyst at Presto Research. 

While Hyperliquid achieved early success as a perpetual futures trading platform, it expanded its development earlier this year by launching HyperEVM. This Ethereum-compatible network enables developers to launch smart contracts and dapps. This was linked to HyperCore, a foundational software that supports the platform's Layer 1 blockchain.

"Combined with its community-focused buyback program, robust HyperEVM ecosystem, and clear on-chain auditability, Hyperliquid has proven it can match the depth and resilience of top centralized venues, while staying radically transparent," Min said.