An in-depth analysis of the Hyperliquid project
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Hyperliquid has rapidly risen to prominence in the decentralized finance (DeFi) space, becoming a leader in the DeFi market in 2025 with its high-performance Layer 1 blockchain and innovative model focused on perpetual contract trading. The platform redefines the standards of decentralized trading with its exceptional trading volume, revenue performance, and technical architecture.
Business Performance: The frontrunner in the DeFi market
has strong revenue performance
In July 2025, Hyperliquid captured about 35% of the total revenue of blockchain protocols, ranking third in the industry behind stablecoin issuers Tether and Circle. Its 30-day revenue reached $95.63 million, and annualized revenue is expected to be as high as $1.167 billion. This achievement stems from its strong competitiveness in the perpetual contract trading market. Perpetual contracts, as highly leveraged,...