Data & Insights: Hyperliquid and Ethereum Record High Volumes

Good Product. Hyperliquid.

• Hyperliquid recorded its highest-ever monthly figure in terms of trade volume, with just under $320 billion in July 2025.
  • This figure represents a ~47% month-over-month (MoM) increase from June’s $216 billion and a ~28% increase compared to its previous monthly all-time high of $248 billion in May.
  • Hyperliquid has also maintained its commandingly consistent market share of over 75% in the perpetual futures (perps) DEX space throughout July.
  • Moreover, the Hyperliquid/Binance ratio, which measures the proportion of perps trading volume on Hyperliquid against Binance, also made new highs of 11.89% in July.
  • For reference, Binance saw ~$2.59 trillion in perps trading volume in July, a ~35% MoM increase.
• On the other hand, Drift, a perps DEX on the Solana blockchain, recorded a 336% MoM increase in its trading volume, with over $14.8 billion in July.
  • The catalyst behind this spike is Drift’s zero trading fees campaign for its BTC-PERP market at the end of June, which incentivized higher trading volumes over the weeks.
  • However, despite Hyperliquid’s continued attempts at catching up to Binance accompanied by Drift’s notable spike, the DEX-to-CEX futures trade volume ratio has stagnated in July at 7.77%, compared to 7.78% the previous month.

Two Sides of a COIN

• Coinbase released its latest financial reports for Q2 2025 last week, with the COIN share price falling by over -16% in response, erasing roughly $11.7 billion from its valuation in a single day.
  • Coinbase’s revenue experienced a -26% quarter-over-quarter (QoQ) decline, coming in at $1.5 billion.
  • Moreover, transaction-based gross profit declined by -46% QoQ while non-transaction-based revenue fell by -5% QoQ.
  • Total volume traded on Coinbase also declined by nearly -40% QoQ, though seasonality likely factored into this, as this figure is up 4.8% year-over-year (YoY).
  • On the bright side, the value of assets held in Coinbase’s balance sheet reached an all-time high of $425 billion.
• Coinbase’s Q2 10-Q forms also show notable changes in its investment holdings compared to the previous quarter
  • For example, Coinbase’s BTC holdings “for investment” increased from 9,267 BTC in Q1 2025 to 11,776 BTC, meaning they had bought roughly 2,509 BTC throughout the quarter.
  • Meanwhile, its ETH holdings “for investment” decreased from 137,334 ETH in Q1 2025 to 136,782 ETH, meaning they had sold roughly 552 ETH throughout the quarter.

Out of The HOOD

• Robinhood also released its Q2 reports last week, and it paints a relatively better picture than what Coinbase had.
  • Robinhood’s total revenue declined by -7.5% QoQ, but increased by roughly 65% YoY.
  • Digging deeper, Robinhood’s revenue from its options, equities and other non-crypto products actually all made record highs in Q2 2025, having increased by 14% in total QoQ.
  • However, Robinhood’s revenue from its crypto products has declined by over -36% QoQ, which was supported by their crypto volume having declined by nearly -39% QoQ as well.
  • Though on a YoY basis, Robinhood’s crypto revenue and volumes have increased by over 97% and 31%, respectively.
• The significant YoY improvements are the result of their increased focus on tokenization and crypto perps, as well as EU expansion and institutional build-out via Bitstamp.

Moon DAT

• As of the end of July 2025, the total USDe supply stands at a record $8.53 billion, its highest ever figure.
  • USDe is a USD stablecoin issued by Ethena Labs and is currently the third largest stablecoin by market cap, recently surpassing Sky’s USDS.
  • USDe’s supply had previously remained relatively stagnant in the mid-$5 billion range for most of 2025.
  • However, since the passing of the GENIUS act in mid-July, the USDe supply subsequently increased by ~60% in the span of just two weeks, from $5.33 billion to $8.53 billion.
  • With this, USDe’s market share of the total Ethereum stablecoin supply stands at a record 5.89% as of the end of July 2025, up from 3.94% at the beginning of that month.
• Taking advantage of the recent meta of treasury companies, also known as digital asset treasuries (DATs), ignited for BTC, ETH and a number of other tokens, a publicly listed DAT tied to Ethena is also in the works
  • StablecoinX is merging with the SPAC TLGY Acquisition Corp. for a planned Nasdaq listing with the target ticker USDE.
  • The deal package is worth about $360M, with roughly $260M earmarked for a staged ENA accumulation program, positioning StablecoinX as a Strategy/SBET-style, ENA-focused DAT.
  • The ENA token itself had declined by over 77% from January through mid-year, before strongly rebounding by rising over 113% in the month of July alone.

ETHvival

• Ethereum’s monthly on-chain transaction volume stood at over $238 billion in July, representing a 70% MoM increase 
  • It also represents a near 4-year high as it is the highest monthly figure since December 2021.
  • Ethereum also saw 46.67 million transactions on the network, its highest ever monthly figure, which is up 3.6% compared to its previous record high in May 2021 
  • The 7-day moving average (7DMA) of number of transactions on the Ethereum network has also nearly reached an all-time high of 1.64 million, just under its previous record of 1.66 million in May 2021.
  • The same goes for the number of active addresses on the network, as July saw 17.55 million active addresses, its highest since May 2021.
  • And yes, with all the positive updates in the Ethereum network’s metrics, the price of ETH itself also stands at multi-year highs, worth $3,700 by the end of July.