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

• Hyperliquid 2025 revenue hit $844 million from $2.95T trading volume.

• Averaged $8.34 billion daily volume with 561.7 million transactions per day.

• Added 609,700 new users; TVL reached $4.15 billion per ASXN Data.

Discover Hyperliquid 2025 revenue of $844M, 600K+ users, $2.95T volume. Explore top assets, fees, and DEX growth in this detailed analysis. Stay ahead in crypto trading today!

What is Hyperliquid’s 2025 revenue?

Hyperliquid’s 2025 revenue totaled $844 million from trading activities on its decentralized exchange platform built on its own blockchain. This figure stems from $848.33 million in perpetual contract fees, $40.61 million from spot trading, and $19.10 million via HLP transactions, according to Hyperscreener data. The platform’s robust performance underscores its growing dominance in the DEX space.

How many new users did Hyperliquid add in 2025?

Hyperliquid welcomed approximately 609,700 new users in 2025, as reported by ASXN Data. This surge contributed to net inflows of $3.87 billion and a total value locked (TVL) of $4.15 billion. The platform’s builder ecosystem peaked at 289,800 users, generating $46.27 million in revenue with 187 active builders. Leading apps like BasedApp recorded $35.18 billion in volume and 35,400 users, followed by Phantom ($23.05 billion, 81,700 users) and PVP.Trade ($13.27 billion, 19,500 users).

Frequently Asked Questions

What was the most traded asset on Hyperliquid in 2025?

Bitcoin topped the list with $1.16 trillion in trading volume on Hyperliquid in 2025. Ethereum followed at $824.61 billion, and Solana at $269.94 billion. These figures highlight strong demand for major cryptocurrencies on the DEX, per Hyperscreener analytics.

Which HIP-3 assets performed best on Hyperliquid?

Hyperliquid’s HIP-3 protocol introduced global equities like Nvidia, Tesla, Apple, Amazon, and Google. Nvidia led with $1.73 billion in volume, followed by Tesla at $1.15 billion and Google at $1.04 billion. This expansion broadened the platform’s appeal beyond traditional crypto assets.

Key Takeaways

• Record Revenue: $844 million total, driven by $848.33 million from perps; spot added $35.25 million.
• Massive Volume: $2.95 trillion cumulative, averaging $8.34 billion daily and 23.4 million transactions hourly.
• User Growth: 609,700 new users fueled $3.87 billion inflows; monitor HYPE token at $25.86 for future trends.

Conclusion

Hyperliquid’s 2025 revenue of $844 million, paired with $2.95 trillion trading volume and over 600,000 new users, cements its position as a leading decentralized exchange. Key drivers included perpetual contracts and Bitcoin dominance, alongside innovative HIP-3 equity listings. As the platform addresses past concerns like alleged insider activity—denied and attributed to a former employee—investors should watch for sustained growth and HYPE token performance in the evolving crypto landscape.

Hyperliquid concluded 2025 with impressive metrics across its blockchain-based DEX. The platform processed 198.9 billion transactions since January, averaging 561.7 million daily. Perpetual contracts led with 174.3 billion transactions, spot at 22.6 billion, and HIP-3 at 1.9 billion.

Revenue breakdowns reveal perps as the powerhouse: $808.54 million in revenue and $848.33 million in fees. Spot trading contributed $35.25 million revenue and $40.61 million fees, while HLP added $19.10 million fees. These streams reflect diversified yet perp-heavy activity.

Bitcoin’s $1.16 trillion volume outpaced Ethereum’s $824.61 billion and Solana’s $269.94 billion. Hyperliquid’s HYPE token traded at $25.86 on CoinMarketCap, up 7.64% weekly and ranking 14th by market cap. This resilience persists amid market challenges.

In mid-December, Hyperliquid refuted insider trading claims from December 22. The disputed short position of 1,000 HYPE—valued at $25,140—was linked to a former employee. Current staff face trading bans on HYPE. The individual holds 2.5 million HYPE spot, maintaining positions despite volatility, as noted in Cryptopolitan reports.

ASXN Data emphasized: Hyperliquid added ~609,700 users, $2.95T volume, $844M revenue, $3.87B inflows, and $4.15B TVL—a comprehensive 2025 snapshot originally shared via Coin Bureau.

Hyperliquid’s builder ecosystem thrived, with BasedApp, Phantom, and PVP.Trade dominating volumes. Bitget ranked tenth at $2.53 billion volume and 10,000+ users. This activity signals a maturing DeFi infrastructure.

Spot trading reached $116.80 billion volume, HIP-3 $11.01 billion. Hourly averages: $347.34 million volume, 23.4 million transactions. These stats position Hyperliquid for 2026 expansion in perps, equities, and user acquisition.