Hyperliquid Outpaces Robinhood in Monthly Volume by 39.1% for Third Month

Hyperliquid has continued to outperform Robinhood in monthly trading volume for the third consecutive month, maintaining a dominant position in the decentralized derivatives market. According to data from DefiLlama, Hyperliquid generated $330.8 billion in combined spot and perpetual trading volume in July, surpassing Robinhood’s total of $237.8 billion across all products [1]. This marked a significant 39.1% gap between the two platforms, the largest since Hyperliquid’s winning streak began [1].

Robinhood’s July volume was composed of $209.1 billion from equities, $195.8 million from options, and $28.7 billion from crypto, according to its Aug. 13 attestation [1]. Meanwhile, Hyperliquid’s trading volume continued to climb, with the platform trading $256 billion in May compared to Robinhood’s $192 billion, followed by $231 billion versus $193 billion in June, based on data shared by Artemis researcher Jon Ma [1]. As of Aug. 25, Hyperliquid had already surpassed $349 billion in monthly trading volume [1].

Year-to-date, Hyperliquid is approaching $2 trillion in cumulative volume from spot and perpetual markets [1]. This rapid growth comes as the platform operates with just 11 core contributors, according to CEO Jeff Yan. As of Aug. 20, Hyperliquid is estimated to generate $1.167 billion in annualized revenue, translating to $106 million in revenue per employee [1]. This figure exceeds Tether’s previous record of $93 million per employee [1]. For comparison, major tech firms such as OnlyFans, Nvidia, Apple, and Meta generated significantly lower revenue per employee, at $37.6 million, $3.6 million, $2.4 million, and $2.2 million, respectively [1].

Hyperliquid’s success is part of a broader shift in the institutional adoption of crypto derivatives, where decentralized platforms are increasingly capturing market share from centralized exchanges and traditional trading platforms [1]. The platform’s performance over Robinhood highlights the growing competitiveness of decentralized finance (DeFi) protocols against traditional financial technology firms, especially in native crypto products where regulatory and operational constraints often limit the reach of established platforms [1].

Source: [1] Hyperliquid Surpasses Robinhood in Monthly Trading Volume for the Third Consecutive Month (https://cryptoslate.com/hyperliquid-surpasses-robinhood-in-monthly-trading-volume-for-the-third-consecutive-month/)