Hyperliquid has rapidly risen in the decentralized finance (DeFi) sector, becoming a leader in the DeFi market of 2025 with its high-performance Layer 1 blockchain and innovative focus on perpetual contract trading. The platform redefines the standards of decentralized trading with its outstanding trading volume, revenue performance, and technical architecture.
Business Performance: The Leader in the DeFi Market
Strong Revenue Performance
In July 2025, Hyperliquid captured approximately 35% of the total revenue of blockchain protocols, ranking third in the industry, just behind stablecoin issuers Tether and Circle. Its 30-day revenue reached $95.63 million, with an annualized revenue projected to be as high as $1.167 billion. This achievement stems from its strong competitiveness in the perpetual contract trading market. As a financial instrument with high leverage and high liquidity, perpetual contracts attract a large number of professional traders and retail users, while Hyperliquid's low fees and high efficiency make it the preferred platform.
Trading Volume and Market Dominance
Hyperliquid dominates the decentralized perpetual contract exchange (DEX) market, with data from June 2025 showing its 24-hour trading volume market share at 63% and its perpetual contract market share exceeding 74%. Cumulative trading volume has surpassed $375 billion, and total deposits have exceeded $4.8 billion, reflecting extremely high user stickiness and market depth.
Its no KYC (Know Your Customer) admission mechanism, centralized exchange-like user interface, and low trading costs attract traders from around the world. The platform supports high-frequency trading and complex order types (such as limit orders and stop-loss orders), further solidifying its position in the professional trading market.
Technical Core: Hyperliquid's Competitive Advantage
Hyperliquid's success is inseparable from its underlying technical architecture, which can be analyzed in three aspects: blockchain design, token economics, and ecosystem expansion.
Hyperliquid L1 and HyperBFT Consensus Mechanism
Hyperliquid operates on a self-developed Layer 1 blockchain, utilizing the HyperBFT (Byzantine Fault Tolerance) consensus algorithm, optimized specifically for high-frequency trading scenarios. This algorithm combines Practical Byzantine Fault Tolerance (PBFT) with efficient batch processing technology, capable of processing 200,000 orders per second, with a median latency of only 0.2 seconds, achieving performance comparable to centralized exchanges while retaining the transparency and security of decentralization.
The core advantage of HyperBFT lies in its parallel transaction processing capability and low-latency order matching. The platform ensures rapid execution and low slippage even in highly volatile markets through fragmented order book management and on-chain settlement. Additionally, Hyperliquid adopts a no Gas trading model, embedding fees into the trading spread, significantly reducing user costs and enhancing the trading experience. This architecture is particularly suitable for the perpetual contract market's stringent requirements for real-time performance and throughput.
HYPE Token: The Pillar of the Economic Model
The HYPE token is the core driving force of the Hyperliquid ecosystem. Since its genesis airdrop at the end of 2024, the price of HYPE has risen from $3.90 to $41.05 in July 2025, with a market capitalization of approximately $7.22 billion, ranking 11th in the cryptocurrency market. HYPE is not only used for transaction fee discounts and governance decisions (through Hyperliquid Improvement Proposals, HIP) but will also support staking rewards in the future.
Hyperliquid's HIP-1 token listing mechanism further enhances the value of HYPE. The project team determines the token listing fees through market bidding (recently stabilized above $100,000), with all fees used to buy back and burn HYPE, creating a deflationary effect. This mechanism not only increases the token's scarcity but also ensures that platform revenue is directly returned to the ecosystem, enhancing long-term economic sustainability. Hyperliquid's self-funding model, which rejects venture capital, further guarantees that its economic model centers on user interests.
HyperEVM: Towards a Comprehensive DeFi Ecosystem
The upcoming HyperEVM is an Ethereum Virtual Machine-compatible expansion layer currently in the testnet phase, supporting Solidity smart contract development. Over 30 projects are already planning to deploy on HyperEVM, including automated market makers (AMM), lending protocols, and liquidity mining platforms. HyperEVM leverages the high throughput of Hyperliquid L1 to provide a low-cost, high-speed trading experience, making it more competitive compared to the congestion and high Gas fees of the Ethereum mainnet.
The unique advantage of HyperEVM lies in its native integration with the Hyperliquid perpetual contract market. Developers can build innovative applications that combine derivative trading, such as leveraged lending based on perpetual contracts or on-chain options markets. This combination of "trading + smart contracts" positions Hyperliquid to transform from a single perpetual contract platform into a comprehensive DeFi ecosystem, competing with Ethereum, Solana, and others.
Strategic Innovation: Differentiated Market Positioning
Hyperliquid's strategy focuses on the perpetual contract market, a niche area that has become a popular track in crypto trading due to its high leverage and high liquidity. The platform's 74% market share in perpetual contracts far exceeds competitors like dYdX and GMX, highlighting its precise market positioning. Perpetual contracts allow traders to hold positions indefinitely, suitable for the highly volatile crypto market, while Hyperliquid's low latency and deep liquidity make it the preferred choice for professional traders.
The platform's user experience design draws inspiration from centralized exchanges (such as Binance), providing an intuitive interface and powerful order functionalities while maintaining the transparency of decentralization. The absence of KYC requirements further lowers the entry barrier, attracting over 185,000 independent users (as of the end of 2024). Through a differentiated strategy, Hyperliquid avoids direct competition with AMM-type DEXs (like Uniswap), focusing on high-frequency trading and the derivatives market, establishing a unique competitive barrier.
The HIP-1 token listing mechanism is another strategic highlight. By utilizing market pricing, Hyperliquid ensures the quality of newly listed tokens, avoiding the flooding of low-liquidity assets. This mechanism not only enhances the platform's credibility but also injects a stable revenue stream into the ecosystem, supporting long-term development.
Future Potential Analysis
Hyperliquid's future development blueprint is clear and ambitious. The launch of the HyperEVM mainnet (expected in 2026) will transform it from a single trading platform into a comprehensive DeFi ecosystem, supporting a diverse range of applications from derivatives to lending. For example, protocols based on HyperEVM may launch innovative products that combine perpetual contracts, such as leveraged decentralized insurance or on-chain options markets.
The upcoming HIP-3 upgrade will introduce staking and lending functionalities, further enriching the ecosystem. The staking mechanism will allow HYPE holders to participate in network security and earn rewards, enhancing the long-term appeal of the token. Lending protocols will support margin trading with low capital requirements, attracting more small and medium-sized traders. These expansions will enable Hyperliquid to capture a broader share of the DeFi market.
Moreover, Hyperliquid's high-performance architecture positions it to venture into emerging fields such as real asset tokenization (RWA) and institutional-grade derivatives trading. As DeFi integrates with traditional finance, its low-latency, high-throughput infrastructure will become a significant advantage in attracting institutional users.
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