Hyperliquid Reports $844M 2025 Revenue, 600K Users as Bitcoin Leads Trading

Hyperliquid’s 2025 performance marked a significant milestone in decentralized finance. The platform reported $844 million in revenue and generated $2.95 trillion in total trading volume, driven primarily by perpetual contracts. The platform also added over 600,000 new users, reflecting strong adoption in the decentralized trading space.

Bitcoin remained the dominant asset on Hyperliquid, with trading volume in 2025 of $1.16 trillion. This was followed by Ethereum at $824.61 billion and Solana at $269.94 billion. The performance underscores the ongoing demand for major crypto assets on decentralized exchanges.

Hyperliquid also expanded its offerings with the introduction of global equities via its HIP-3 protocol. Assets like Nvidia, Tesla, and Google saw significant trading activity, with Nvidia leading at $1.73 billion in volume.

What Drives Hyperliquid’s Growth?

The growth of Hyperliquid can be attributed to its custom-built blockchain and high-performance infrastructure. The platform averages 6502 orders per second with zero gas fees for users. This infrastructure supports a seamless trading experience, attracting both retail and institutional traders.

The platform’s total value locked (TVL) reached $4.15 billion by the end of 2025 according to reports. This growth in TVL reflects deep liquidity and user engagement, which are key metrics for assessing the health of a decentralized exchange.

Hyperliquid’s success is also tied to its focus on decentralized derivatives. Perpetual contracts accounted for the bulk of the platform’s trading volume and revenue. These contracts allowed traders to hedge positions and speculate on price movements without the limitations of traditional centralized exchanges.

How the Token Market Reacted

The HYPE token, Hyperliquid’s native token, saw mixed reactions in late 2025 and early 2026. On December 29, 2025, the token rose 3.5% following the announcement of a 1.2 million token distribution. This move was part of a broader vesting schedule for team members and aimed to manage market expectations.

Analysts from Messari and others predict that HYPE may outperform Lighter's LIT token as the latter's trading volumes decline. Lighter, another decentralized exchange, saw a sharp drop in volumes after the end of its farming period, raising questions about the sustainability of its incentives model.

Hyperliquid’s tokenomics are structured to support long-term growth. The platform’s buyback program and token burns help manage supply and support price stability. For example, a recent burn of 37 million HYPE tokens aimed to counterbalance new supply entering the market.

What Analysts Are Watching

Market analysts are closely monitoring Hyperliquid’s ability to maintain its leadership in the decentralized derivatives space. The platform's upcoming token unlock of 12 million HYPE tokens on January 6, 2026, is a key event. This unlock is part of a larger vesting plan designed to manage new supply entering the market and prevent sudden sell-offs.

Investors are also watching the platform’s competition with other decentralized exchanges like Lighter and Aster. While Hyperliquid currently leads in perpetual contract volume, emerging competitors could challenge its dominance.

The platform’s focus on institutional adoption and regulatory clarity may also shape its future performance. Ethereum, for example, is seeing increasing institutional interest, with projections suggesting it could reach $7,000 to $9,000 in 2026. This trend could influence the broader crypto market, including decentralized derivatives platforms like Hyperliquid.

Hyperliquid’s ability to adapt to changing market conditions and maintain its technical edge will be crucial. The platform’s Layer 1 architecture and efficient execution speeds give it a competitive advantage. However, the long-term sustainability of its revenue model and token price will depend on continued user adoption and trading activity.