Hyperliquid's Price Surges 4.671% as Revenue Hits $110M, Outpacing Solana

Hyperliquid's latest price was $44.97, up 4.671% in the last 24 hours. Hyperliquid has been making significant strides in the cryptocurrency market, with its monthly revenue surpassing $110 million and perpetual trading volume hitting $2.5 trillion. This growth trajectory is particularly notable for a non-custodial perpetual decentralized exchange (DEX).

In August alone, the platform's revenue and fees reached $106 million and $114 million, respectively, which were higher than July's $86 million and $93 million. In July, Hyperliquid accounted for as much as 35% of the total revenue across the blockchain sector. Beyond revenue and fees, Hyperliquid's perpetual volume has surpassed $2.5 trillion. Even during the so-called "slow summer," the platform still recorded more than $1 trillion in trading activity. This growth highlights a stark contrast to DEX activity on Solana. While Solana-based DEXs have declined in activity since the memecoin frenzy earlier this year, Hyperliquid’s users and volumes have been trending up and to the right all year.

Hyperliquid's recent surge has sparked mixed reactions. With its simple product, centralized exchange (CEX)-like experience, and ability to expand its ecosystem quickly, Hyperliquid has the potential to become crypto’s new “killer app.” However, some users argue that Hyperliquid still faces structural risks such as admin control and potential downtime. In fact, Hyperliquid faced a brief frontend outage that prevented users from placing, closing, or withdrawing orders, although backend operations continued unaffected. Users have raised concerns about the ability to withdraw funds in case of an outage and the potential for admin control to steal user funds.

Meanwhile, competition in the perp DEX race is heating up with new entrants like Lighter. With features such as order match/liquidation verification and unified yield–margining, Lighter is considered a “formidable competitor.” Despite this, Hyperliquid’s scale advantage and current user base remain dominant, especially as revenue and trading volumes maintain momentum. If the execution milestones in its roadmap are carried out, Hyperliquid has the foundation to continue shaping crypto’s next major momentum shift.

In mid-August, a whale deposited $19.38 million USDC into Hyperliquid, positioning buys in the $45–46 range. This follows earlier purchases totaling $28 million from other large holders, underscoring sustained accumulation from deep-pocketed investors. Continuous whale inflows reduce circulating supply, creating scarcity while reinforcing signals of institutional conviction. Hyperliquid’s liquidity remains thin, which means large orders can amplify price swings far more than in deeper markets.

Another tailwind came earlier this month as Circle integrated native USDC through CCTP v2 on August 1. The upgrade simplified cross-chain transfers directly into Hyperliquid, sparking a 3% HYPE price bump. By reducing friction, native USDC access makes it easier for traders to enter HYPE positions. Unlike wrapped alternatives that previously inflated total value locked (TVL), these flows represent real capital. Indeed, USDC inflows rose 8.3% MoM, compared to an industry average of just 0.4%.

Hyperliquid has demonstrated substantial operational achievements, securing $106 million in revenue during August 2025. This performance underscores its significant growth trajectory within the decentralized finance sector. The platform dominates the decentralized perpetual contracts market, commanding an estimated 70% share. August's perpetual contract trading volume approached $400 billion, highlighting strong user engagement and cementing Hyperliquid's position as a leading protocol in this segment.

Hyperliquid's fundamental strength is further emphasized by its revenue generation relative to its market capitalization. Analysts note that the revenue significantly surpassed that of larger competitors like Solana and Ethereum combined over the same 30-day period, suggesting potential operational efficiency and a compelling market position despite its smaller valuation. Despite a brief technical interruption lasting 37 minutes in July 2025, Hyperliquid managed a swift recovery. User confidence remained resilient, allowing platform activity to return to normal operations promptly.

Looking forward, Hyperliquid plays a key role in the growth of Web3 derivatives. Potential challenges exist, including the scheduled unlocking of 23.8% of tokens allocated to core contributors in November 2025, which could introduce volatility, alongside risks associated with concentrated holdings influencing market dynamics.