Perpetual Trading on Hyperliquid Sees Explosive Growth
Decentralized perpetuals exchange Hyperliquid has recorded over $1.57 trillion in onchain perpetual futures trading volume in the past 12 months, according to data from Dune Analytics. The surge in volume was fueled by a major uptick during its HYPE token airdrop between November and December 2024.
Record-Breaking Revenue and Market Share
With $56 million in fees and revenue generated just this month, Hyperliquid’s cumulative revenue now stands at $310 million. The platform reported $248 billion in trading volume in May and has already crossed $208 billion in June, significantly outperforming its competitors. For comparison, all other decentralized perpetual exchanges combined recorded $140 billion in the same period.
Airdrop Event Drove Key Momentum
The growth in activity closely aligned with Hyperliquid’s $1.2 billion HYPE token airdrop, which helped push trading volume from $75 billion in November to $150 billion in December 2024. This promotional event boosted user engagement and cemented Hyperliquid’s position among top decentralized exchanges.
Technology Edge with Sub-Second Finality
“Hyperliquid offers sub-second finality and handles over 100,000 orders per second, powering a fully on-chain order book that delivers unmatched speed and transparency,” said Min Jung, research analyst at Presto Research. The platform’s high-performance infrastructure is a key differentiator in the competitive DeFi landscape.
Expansion Through HyperEVM and HyperCore
Beyond trading, Hyperliquid is evolving into a broader DeFi ecosystem. In early 2025, the platform launched HyperEVM, an Ethereum-compatible network that allows developers to deploy smart contracts and decentralized applications. This expansion is powered by HyperCore, the foundational software layer behind Hyperliquid’s Layer 1 blockchain.
Community and Transparency at the Core
“Combined with its community-focused buyback program, robust HyperEVM ecosystem, and full on-chain auditability, Hyperliquid is proving it can rival centralized exchanges in depth and performance while staying radically transparent,” Jung added.
