Company Hyperliquid Posts $844M Revenue and $2.95T Volume in 2025 — Perpetuals Drive Fees

Company Hyperliquid closed 2025 with striking market metrics: $844 million in revenue, a cumulative trading volume of $2.95 trillion, and more than 600,000 new users added during the year. According to analytics from Company Hyperscreener, the decentralized exchange averaged roughly $8.34 billion in volume per day and $347.34 million per hour, underscoring the platform's scale and liquidity depth.

The revenue mix shows a clear dominance of perpetual contracts: perpetuals generated $848.33 million in fees and contributed $808.54 million to total revenue, while spot trading produced just $35.25 million in total revenue for the year. Spot fees amounted to $40.61 million, and HLP transactions brought in $19.10 million in fees for the ecosystem. These figures illustrate a business model heavily skewed toward derivatives-driven revenue rather than spot trading.

Transaction-level data reveal extreme scale: 198.9 billion transactions processed since January, averaging about 561.7 million transactions per day and 23.4 million per hour. Of these, perpetual contract transactions accounted for approximately $174.3 billion, while spot contracts represented around $22.6 billion. HIP-3 activity — Hyperliquid's protocol for tokenized global equities and other assets — executed roughly 1.9 billion transactions.

Company Hyperliquid's builder ecosystem also expanded, peaking at 289.8k users, producing $46.27 million in revenue, and hosting 187 active builders. Leading builders include Company BasedApp (volume: $35.18 billion, users: 35.4k), Company Phantom (volume: $23.05 billion, users: 81.7k), and Company PVP.Trade (volume: $13.27 billion, users: 19.5k). Company Bitget ranked tenth with ~$2.53 billion in volume and just over 10k users.

HIP-3’s expansion included tokenized global equities such as Company Apple, Company Nvidia, Company Amazon, Company Google, and Company Tesla. Nvidia led HIP-3 listings with $1.73 billion in volume, while Tesla and Google logged $1.15 billion and $1.04 billion, respectively.

On the cryptocurrency side, Bitcoin was the most-traded digital asset on the platform with $1.16 trillion in volume, followed by Ethereum at $824.61 billion and Solana at $269.94 billion. According to Company CoinMarketCap, Company Hyperliquid's native token, HYPE, was trading around $25.86 and had gained ~7.64% over the prior seven days, ranking 14th by market cap on CoinMarketCap at the time of reporting.

Operational transparency and governance remain focal points: Company Hyperliquid publicly denied insider trading claims on December 22, asserting that an open short position in HYPE originated from a former employee and reiterating that current team members are banned from trading the native token. Independent reporting suggested the alleged position was small ($25,140 short of 1,000 HYPE), unlikely to materially affect market dynamics.

Analysis: Company Hyperliquid’s 2025 results highlight a derivatives-first DEX architecture where perpetual contracts dominate fee and transaction share. For traders and liquidity providers, this suggests concentrated liquidity and fee capture in derivatives markets, while spot volumes remain comparatively thin. The platform's expansion into tokenized equities via HIP-3 diversifies product offerings and may attract institutional or hybrid retail flows seeking cross-asset exposure. However, governance transparency, employee trading restrictions, and monitoring of concentrated positions in native tokens (like HYPE) will be key for long-term credibility.

Takeaway: Company Hyperliquid’s scale — nearly $3 trillion in annual volume and substantial revenue — positions it as a major DEX ecosystem in 2025, but risk and concentration dynamics driven by perpetuals and native token exposure deserve continued scrutiny.