Hyperliquid Records $1.571 Trillion in Annual Trading Volume, Dominates On-Chain Derivatives

Hyperliquid, a decentralized exchange, has achieved a significant milestone by recording $1.571 trillion in annual perpetual futures trading volume. This accomplishment underscores the platform's growing influence in the on-chain derivatives trading sector. The exchange has also generated $310 million in cumulative revenue, with $56 million earned this month alone. According to data from Sealaunch on Dune Analytics, Hyperliquid processed $248 billion in perpetual futures volume during May, demonstrating its robust trading activity.

In the current month, Hyperliquid's trading volume reached $208 billion, surpassing its competitors. The combined volume from other on-chain perpetual exchanges during the same period was $140 billion, further highlighting Hyperliquid's dominance in the market. The platform's rapid expansion in on-chain perpetual trading volume was particularly notable in late 2024, with volume doubling from $75 billion in November to $150 billion in December. This growth coincided with the platform's airdrop of $1.2 billion worth of HYPE tokens, which likely contributed to the increased trading activity.

Hyperliquid's technical capabilities set it apart from traditional exchanges. The platform offers sub-second finality and processes over 100,000 orders per second through its fully on-chain order book system. This technological advantage allows Hyperliquid to deliver unmatched speed and transparency in trading. The exchange has also expanded its offerings beyond perpetual futures trading with the launch of HyperEVM earlier this year. This Ethereum-compatible network enables developers to deploy smart contracts and decentralized applications on the platform, creating a comprehensive ecosystem for both trading and development activities.

HyperEVM connects to HyperCore, the foundational software that supports Hyperliquid’s Layer 1 blockchain infrastructure. This integration aims to enhance the platform's capabilities and attract more users and developers. The platform's native token, HYPE, has experienced significant volatility since its launch. From an all-time low of $3.20 in November 2024, the token has surged by 946.8% to reach a new all-time high of $45.57. This remarkable increase in the token's value reflects the growing interest and confidence in the Hyperliquid platform.

Hyperliquid's fee model has proven effective in generating consistent revenue streams. Trading fees account for the majority of the $310 million cumulative revenue, with the platform capturing value from both maker and taker transactions across its perpetual futures markets. The platform's strong performance metrics across multiple timeframes further demonstrate its success. The 30-day period reflects a 27.9% increase in activity, while recent price action indicates the token trading 12.5% below its all-time high reached on June 16, 2025. This sustained growth and performance highlight Hyperliquid's position as a leading player in the on-chain derivatives trading space.