Hyperliquid 2025 Revenue, 600K New Users, and $2.95T Trading Volume Drive DeFi Growth

Hyperliquid closed 2025 with record performance across key metrics, including $844 million in revenue and $2.95 trillion in cumulative trading volume. The decentralized exchange added 609,700 new users, with Bitcoin leading in trading activity at $1.16 trillion in volume. This growth positioned Hyperliquid as one of the top decentralized platforms in the DeFi space.

Perpetual contracts dominated the platform's revenue, generating $848.33 million in fees. Spot trading and HLP transactions contributed an additional $35.25 million and $19.10 million, respectively. These figures highlight the platform's reliance on derivatives trading as a key revenue driver according to 2025 reports.

Hyperliquid's builder ecosystem also expanded, with third-party apps like BasedApp and Phantom reporting significant trading volumes. BasedApp alone reached $35.18 billion in trading volume, with 35,400 users. Phantom and PVP.Trade followed closely, showing the platform's ability to attract and retain developers and traders as data shows.

Why Did This Happen?

Hyperliquid's success was driven by strong demand for decentralized derivatives. The platform's custom Layer 1 blockchain allowed for high-speed order execution and low latency, rivaling centralized exchanges. With an average of 561.7 million transactions daily, Hyperliquid processed 198.9 billion trades in 2025.

The platform's non-custodial model and zero gas fees appealed to retail and institutional traders. This combination reduced barriers to entry and increased user confidence. As a result, Hyperliquid attracted $3.87 billion in net inflows and saw total value locked (TVL) rise to $4.15 billion.

Hyperliquid also expanded its offerings with the HIP-3 protocol, which introduced global equities like Apple, Tesla, and Amazon. These listings broadened the platform's appeal beyond crypto-native assets. Nvidia was the most traded equity, with $1.73 billion in volume.

What Are Analysts Watching Next?

Hyperliquid's native token HYPE traded at $25.86 in early 2026, showing resilience despite broader market volatility. The token gained 7.64% in the previous week, indicating some stabilization. Analysts are monitoring HYPE's price action and the platform's ability to maintain growth amid rising competition.

In January 2026, the platform began a 24-month team vesting schedule, with 1.2 million HYPE tokens unlocked on January 6. These tokens represented 0.3% of the total supply. Hyperliquid plans to offset potential sell pressure through buybacks and token burns.

The platform also announced daily buybacks of 21,700 HYPE tokens and staking emissions of 26,700 tokens. These efforts aim to manage supply and maintain market confidence. Investors are watching to see how these measures affect trading activity and price stability.

Competition in the perpetual DEX space is intensifying, with platforms like Lighter and Aster gaining traction. Hyperliquid's market share dropped from 75% in May 2025 to 14% in December 2025. Analysts are assessing whether Hyperliquid can retain its user base.

What's Next for Hyperliquid?

Hyperliquid's 2025 performance demonstrated its potential as a leading decentralized derivatives exchange. The platform's infrastructure and execution speeds set it apart from competitors. However, ongoing challenges include managing token supply, maintaining user growth, and responding to competitive pressures as detailed in 2025 reports.

The platform will need to continue expanding its product offerings and improving user experience to stay ahead. With its strong 2025 results and a clear 2026 roadmap, Hyperliquid is positioned for further growth in the evolving DeFi landscape according to market analysis.

Investors and traders are watching for updates on Hyperliquid's strategic initiatives, tokenomics, and trading volumes in 2026. The platform's ability to adapt to market conditions will determine its long-term success in the decentralized finance ecosystem as analysts conclude.