HyperLiquid generated $844 million in revenue from trading activities at the end of 2025, with total trading volume of $2.95 trillion. The decentralized exchange has also added over 600,000 new users to its trading platform since January of this year.
Hyperliquid, a decentralized crypto exchange platform that runs on a proprietary blockchain, ended the year with 600,000 new users and $844 million in revenue. The exchange recorded inflows worth $3.87 billion, bringing total trading volume to $2.95 trillion.
DEX averaged about $8.34 billion per day and $347.34 million per hour. During the year, the exchange’s spot trading volume reached $116.8 billion, and HIP-3 trading activity volume reached $11.01 billion.
Hyperliquid’s PERP generates $848.33 million in transaction fees
🚨 HYPERLIQUID will add over 600,000 users in 2025
According to ASXN Data, Hyperliquid added approximately 609,700 new users in 2025, with cumulative volume of $2.95 billion, revenue of $844 million, net inflows of $3.87 billion, and TVL of $4.15 billion. pic.twitter.com/h1UIAdacGR
— Coin Bureau (@coinbureau) December 28, 2025
Data from Hyperscreener, the Hyperliquid data dashboard and analytics platform; show Perpetual contracts generated the most fees, amounting to $848.33 million. Spot fees totaled $40.61 million, while HLP transactions generated $19.1 million in fees for the ecosystem. Perpetual contracts continued to drive the platform’s revenue stream, bringing in $808.54 million, while spot contracts generated total revenue of $35.25 million during the year.
The exchange has facilitated 198.9 billion trades since January, averaging 561.7 million trades per day and 23.4 million trades per hour. Perpetual contracts accounted for the majority of these deals, accounting for $174.3 billion, while spot contracts trailed far behind with just $22.6 billion in deal value. HIP-3 transactions were the fewest orders executed, at just 1.9 billion transactions.
Hyperliquid’s builder ecosystem peaked at 289,800 users, $46.27 million in revenue, and 187 active builders, according to data from the analytics platform. BasedApp ranked #1 among Hyperliquid’s top builders with $35.18 billion in trading volume and 35,400 users, followed by Phantom and PVP.Trade with $23.05 billion and $13.27 billion in trading volume, respectively. Phantom ended the year with about 81,700 users, while PvP.Trade had 19,500 users. Bitget came in 10th place with $2.53 billion in trading volume and just over 10,000 users.
Data from Hyperscreener also highlighted that the DEX was introducing global stocks such as Apple, Nvidia, Amazon, Google, and Tesla through the HIP-3 protocol. Nvidia was the most traded HIP-3 listed company, with trading volume of $1.73 billion. Tesla and Google followed with $1.15 billion and $1.04 billion, respectively.
Bitcoin tops the list as the most traded virtual currency on Hyperliquid
Bitcoin was the most traded digital asset on the platform, with trading volume of $1.16 trillion. Ethereum and Solana follow behind with trading volume of $824.61 billion and $269.94 billion, respectively.
According to data from CoinMarketCap, Hyperliquid’s native cryptocurrency HYPE is currently trading at $25.86. The digital asset has gained 7.64% over the past seven days and ranks 14th on CoinMarketCap’s list of largest cryptocurrencies by market capitalization.
The news comes after the DEX denied insider trading claims on December 22, claiming that open short positions on HYPE came from former employees. The DEX also claimed that team members and current employees are prohibited from trading the DEX’s native tokens.
Cryptopolitan reported The alleged insider position was valued at $25,140 and included a short sale of 1,000 shares of HYPE stock. The report stressed that the positions were too small to introduce further volatility and significantly impact the market. The report also highlighted that this insider owns 2.5 million HYPE in the spot market and has remained consistent despite HYPE’s poor performance and the overall crypto meltdown.
