Hyperliquid Surpasses Circle in 24-Hour Revenue for First Time

Hyperliquid has surpassed Circle in 24-hour revenue for the first time, marking a significant shift in the decentralized finance (DeFi) landscape. This milestone highlights the growing appeal of decentralized exchanges (DEXs) and the accelerating transition of trading activity away from centralized platforms. The surge in Hyperliquid’s daily revenue is attributed to a combination of rising trading volumes, increased user trust in non-custodial platforms, and the platform’s low-latency infrastructure, which offers performance comparable to centralized exchanges [1].

Circle, historically a stable revenue generator through its USDC stablecoin and strategic partnerships, remains a vital player in the crypto ecosystem. However, Hyperliquid’s rapid ascent signals a broader change in user behavior, with traders prioritizing speed, privacy, and control. The DeFi platform has also benefited from strong developer activity, consistent community engagement, and incentives for liquidity providers, fostering a sustainable and expanding ecosystem [1].

This shift in revenue dynamics is not just a statistical event—it reflects deeper market trends and the evolving expectations of crypto users. Hyperliquid’s success demonstrates the viability of permissionless, high-performance trading protocols that align with the foundational principles of decentralization and transparency [1]. The platform’s ability to maintain growth amid broader industry turbulence underscores its resilient infrastructure and appeal to a growing base of institutional and retail traders [3].

While the crypto space remains volatile, with recent incidents such as the $7 million exploit at Odin.fun highlighting the risks of automated market-making systems [2], Hyperliquid has continued to attract users with its focus on security and performance. Meanwhile, Circle faces increasing pressure to diversify beyond its stablecoin operations to remain competitive in the evolving Web3 landscape [1].

The broader DeFi market is also experiencing a surge in activity, with perpetual trading volumes on Hyperliquid reaching over $1 trillion in July 2025 [3]. This growth aligns with trends such as record trading volumes for Ethereum futures and rising institutional interest in crypto markets. As the industry matures, DeFi platforms must continuously innovate to retain user trust and capital [3].

Source:

[1] title: Hyperliquid Overtakes Circle in Daily Revenue Surge (url: https://coinmarketcap.com/community/articles/689eb8e96b448842fbc1c4e9/)

[2] title: Hackers Strike Odin.fun, Draining $7M in Price Manipulation Attack (url: https://www.blocmates.com/news-posts/hackers-strike-odin-fun-draining-7m-in-price-manipulation-attack)

[3] title: News DeFi (url: https://cryptoslate.com/defi/)