Hyperliquid 2025 Performance Redefines Onchain Trading

Hyperliquid has emerged as a leading blockchain platform, recording $964,700 in fees over the past 24 hours. This performance surpasses Tron and Solana, placing Hyperliquid at the top in fee generation. Most of the economic activity occurs at the application level, with $1.22 million in fees and $219 million in decentralized exchange (DEX) trading volume. According to data, perpetual futures dominate trading, contributing $2.24 billion in daily volume and $24.59 billion over seven days.

The platform's total value locked (TVL) stands at $1.42 billion, slightly down from the previous day. Bridged liquidity on the network amounts to $6.20 billion, showing increased movement of assets from other blockchains to Hyperliquid. The platform's token, HYPE, trades near $24.60, with a market capitalization of $5.86 billion.

Hyperliquid's smart contract layer, HyperEVM, handles fewer transactions compared to general-purpose blockchains. It recorded 40,000 transactions and 1.25 million active addresses. This suggests that Hyperliquid's primary focus is on derivative trading rather than broader use cases.

Why Did This Happen?

Hyperliquid's performance is attributed to the large trade sizes and dedicated onchain trading activity. Unlike general-purpose blockchains that handle millions of transactions, Hyperliquid focuses on a niche but high-value market. This model allows the platform to generate significant fees even with a smaller user base. The platform's Total Value Locked and bridged liquidity further support its growing influence.

Hyperliquid's dominance in the perpetual futures market is evident, with $7.68 billion in open interest and $2.36 billion in daily volume. The platform outperforms competitors like Aster, edgeX, and Paradex. Despite the $HYPE token's volatility, the platform's transparent token distribution and community trust contribute to its success.

Traders and analysts are watching the monthly token unlocks of 1.2 million $HYPE tokens for internal parties. These events could introduce short-term selling pressure. However, the platform's strong ethos of neutrality and transparency continues to attract traders.

What Are Analysts Watching Next?

Analysts are evaluating how Hyperliquid maintains its position in the face of increasing competition. The platform's market cap-to-revenue ratio of 11x is lower than that of larger chains like Tron and Solana. This suggests that Hyperliquid's success is driven by dedicated onchain trading rather than broad adoption.

The platform's growth is also supported by its recent product launches. The HyperEVM expansion and native USDC integration have improved liquidity and accessibility for users. As the platform continues to scale, its ability to handle large volumes and maintain stability will be key factors in its long-term success.