In a banner year for onchain derivatives, decentralized exchange Hyperliquid has quietly racked up over $1.57 trillion in perpetual futures trading volume, according to data from Dune Analytics via Sealaunch.
With a cumulative $310 million in revenue now under its belt, including $56 million collected this month alone, Hyperliquid appears to be setting the pace for decentralized perpetuals trading.
Onchain trading hits record highs
Hyperliquid’s May performance stood out in particular, with $248 billion in perpetual futures volume recorded, and another $208 billion already locked in so far this month.
To put that in perspective, all other onchain perp platforms combined managed around $140 billion for the same period, highlighting the protocol’s growing market share.
Much of this acceleration traces back to the end of 2024.
In just one month, Hyperliquid’s volume doubled from $75 billion in November to $150 billion in December, a surge that coincided with the launch of its $1.2 billion HYPE token airdrop.
The incentive appears to have driven significant user activity and interest in the protocol’s onchain trading infrastructure.
According to Presto Research analyst Min Jung, part of Hyperliquid’s appeal is its technical design:
“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,” he noted.
Expanding beyond perps with HyperEVM
While its early traction came from derivatives trading, Hyperliquid has branched out.
Earlier this year, the project introduced HyperEVM, a fully Ethereum-compatible network aimed at developers looking to deploy smart contracts and decentralized applications.
HyperEVM runs on HyperCore, the base software supporting Hyperliquid’s custom Layer 1 blockchain.
With a focus on community-driven initiatives like buybacks and a commitment to full onchain auditability, the project aims to position itself as an alternative to centralized trading venues.
“Combined with its community-focused buyback program, robust HyperEVM ecosystem, and clear on-chain auditability, Hyperliquid has proven it can match the depth and resilience of top centralized venues,” Jung added.
