Hyperliquid Dominates DeFi with 74% Perpetual Market Share and $375B Trading Volume

Hyperliquid has emerged as a dominant force in decentralized finance (DeFi), particularly in the perpetual futures trading segment. By leveraging a high-performance Layer 1 blockchain and a deflationary token model, the platform has captured 74% of the decentralized perpetual market share in June 2025, with a 24-hour trading volume share of 63%. Its cumulative trading volume has exceeded $375 billion, and total deposits have surpassed $4.8 billion, reflecting strong user engagement and market depth [1].

The platform’s financial performance has also been impressive. In July 2025, Hyperliquid accounted for about 35% of total blockchain protocol revenue, ranking third in the industry after stablecoin issuers Tether and Circle. Its 30-day revenue reached $95.63 million, with an annualized run rate of up to $1.167 billion. This success is driven by its low trading fees, fast execution, and deep liquidity, making it a preferred choice for both professional and retail traders [1].

A key component of Hyperliquid’s success is its HyperBFT consensus mechanism, which blends Byzantine Fault Tolerant (BFT) protocols with efficient batching to support up to 200,000 orders per second and a 0.2-second median latency. This allows the platform to deliver near-CEX performance while maintaining decentralized security and transparency. Hyperliquid also employs a gasless model, where fees are embedded in the spread, reducing user costs and improving the overall trading experience [1].

The HYPE token underpins Hyperliquid’s economic model. Since the genesis airdrop in late 2024, the token has surged from $3.9 to $41.05 by July 2025, with a market capitalization of $7.22 billion. HYPE holders benefit from fee discounts, governance rights through Hyperliquid Improvement Proposals (HIP), and potential future staking rewards. The HIP-1 listing mechanism further enhances token value by requiring projects to pay a market-priced listing fee, which is then used to buy back and burn HYPE tokens, creating scarcity and returning revenue to the ecosystem [1].

Looking ahead, Hyperliquid is expanding beyond perpetual trading with the introduction of HyperEVM, an EVM-compatible layer now in testnet. Over 30 projects plan to deploy on the platform, including AMMs, lending protocols, and liquidity-mining platforms. HyperEVM leverages the high throughput of Hyperliquid L1 to offer fast and low-cost transactions, making it more competitive than Ethereum under high gas conditions. Additionally, the native integration with perpetual derivatives enables the creation of innovative DeFi applications, such as leveraged lending and synthetic assets, positioning Hyperliquid as a full-stack DeFi ecosystem [1].

Hyperliquid’s strategic focus on perpetual futures sets it apart in the crowded DeFi space. Its 74% market share far exceeds that of competitors like dYdX and GMX, and the platform’s CEX-like user experience, combined with no-KYC access, has attracted over 185,000 unique users by the end of 2024. The HIP-1 listing design also ensures that only high-quality projects are listed, enhancing platform credibility and generating steady revenue for long-term growth [1].

The platform’s roadmap includes the launch of HyperEVM in 2026, which will expand Hyperliquid from a single trading venue to a comprehensive DeFi ecosystem. Future upgrades, such as HIP-3, will introduce staking and lending functionalities, allowing HYPE holders to earn yields by securing the network and enabling margin trading with lower capital requirements. These features are expected to attract a broader user base and strengthen Hyperliquid’s position in the DeFi landscape [1].

Hyperliquid’s high-performance infrastructure also makes it well-suited for emerging trends such as real-world asset tokenization (RWA) and institutional-grade derivatives. As the DeFi sector continues to converge with traditional finance, Hyperliquid’s low latency and high throughput will serve as key advantages, particularly for institutional users seeking reliable and efficient trading environments [1].

Source: [1] Deep Analysis of the Hyperliquid Project (https://coinmarketcap.com/community/articles/68a7e7b75721452c4ef5b253/)