Hyperliquid Posts $2.95T Volume, 609.7K New Users and $844M Revenue in 2025
Hyperliquid closed 2025 with record growth across users, trading volume, liquidity and revenue, according to ASXN-sourced data cited by the platform. Key figures: ~609,700 new users, $2.95 trillion in cumulative trading volume across about 198.9 billion trades, roughly $844 million in revenue, net inflows near $3.87 billion and year-end TVL around $4.15 billion. The platform runs on its own Layer‑1 (HyperBFT), which it credits for processing an average of 6,502 orders per second, near-CEX execution speeds, zero gas fees and non‑custodial on‑chain settlement. Hyperliquid says the combination of high throughput, low latency and fee savings attracted both retail and advanced traders to perpetual futures and other derivatives. Market volatility and active derivatives usage in 2025 supported inflows and fee generation, helping the exchange reach top-tier DeFi profitability. Observers highlight Hyperliquid’s model — custom Layer‑1 performance plus DeFi transparency — as a competitive challenge to centralized exchanges and as evidence that decentralized derivatives can scale. For traders: higher volumes and deepened liquidity may improve execution and reduce slippage on derivatives pairs hosted on Hyperliquid; however, rising platform prominence could also increase regulatory scrutiny and competitive responses from CEXs. Primary keywords: Hyperliquid, decentralized derivatives, Layer‑1, trading volume, TVL, revenue.
Bullish
The published metrics point to strong product-market fit for Hyperliquid’s decentralized derivatives offering, which is bullish for the platform’s native ecosystem and token (if one is tradable). Large net inflows ($3.87B), very high trading volume ($2.95T) and rising TVL ($4.15B) indicate expanding liquidity and fee generation that support improved execution, tighter spreads and reduced slippage—positive factors for traders and market makers. High throughput and near-CEX execution claims (6,502 orders/sec, zero gas) make the platform more attractive to volume-driven participants, likely driving further adoption in the near term. Short term, bullish pressure may arise from greater demand for the platform’s markets and any native token used for fees, rewards or staking. Over the longer term, sustainable revenue (~$844M) and strong TVL point to a viable DeFi derivatives venue that could command lasting market share versus CEXs. Offsetting risks that could temper price upside include increased regulatory scrutiny of derivatives platforms, security or smart‑contract incidents, and competitive reactions from centralized exchanges; these are downside risks but do not outweigh the immediate growth signal in the data. Overall, the news should be considered net bullish for Hyperliquid’s token/ecosystem.