Hyperliquid December Revenue Surpasses $60 Million, Down 32.4% Month-over-Month

Hyperliquid’s December 2025 revenue exceeded $60 million, according to recent data. However, this figure represents a 32.4% drop from November 2025, when the platform generated $88.5 million according to the same report. The decline is part of a broader trend in the crypto sector, with overall exchange trading volumes reaching a 15-month low in December.

Market volatility and end-of-year repositioning reduced activity across both centralized and decentralized exchanges. Centralized platforms recorded $1.13 trillion in spot trading volume in December, down 32% from the previous month.

In contrast, Solana maintained strong performance. The platform reported $110 million in app revenue over the past 30 days, placing it far ahead of second-ranked Hyperliquid at $61.1 million and nearly double Ethereum’s $47.2 million. This resilience has been supported by institutional interest, including the approval of spot Solana ETFs and a partnership with Western Union for stablecoin settlements.

Why Did Hyperliquid’s Revenue Drop?

Hyperliquid’s 32.4% monthly revenue decline aligns with a broader decline in crypto exchange activity. Centralized exchanges have seen volume drop to its lowest level since September 2024. Analysts attribute this trend to seasonal factors, reduced volatility, and year-end repositioning.

Hyperliquid’s revenue is primarily driven by trading fees and new income sources such as Portfolio Margin. The platform’s Portfolio Margin feature enables users to optimize their capital and generate additional income without incurring new fees. Despite these innovations, the broader market slowdown impacted overall revenue generation.

The platform’s commitment to credible neutrality and transparency is another key factor. Hyperliquid operates without private investors, market maker deals, or protocol fees to any company as confirmed in the founder's statement. This approach has positioned it differently from traditional crypto projects but also limits certain revenue avenues.

How Did Markets Respond to the Revenue Shifts?