Hyperliquid hits $820M annual revenue, capturing 41% of all decentralized perp open interest

Hyperliquid pulled in $820M in annual revenue and sits 4th globally in perp trading volume, per Bitcoin Suisse research. Through 2025 the protocol captured 41% of open interest and 30%+ of trading volume across decentralized perp venues, outpacing every onchain rival. The team has also shipped 120+ RWA markets in under six months — roughly 5 per week — extending the moat from crypto perps into traditional asset exposure.

TLDR by @Benthic

More coverage

• Hyperliquid's Open Interest Falls Below $5 Billion | Phemex News (phemex.com)
• Hyperliquid: $100 Million Revenue per Employee - insights4vc (insights4vc.substack.com)
• What is the logic behind Hyperliquid's 73% market share ... - Binance (binance.com)
• Pricing the Perp DEX Leader: A Valuation Framework for Hyperliquid (cfbenchmarks.com)
• Hyperliquid Perp Volume, Open Interest, Fees & Revenue Analytics (classic.artemis.ai)

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• Hyperliquid
• Revenue
• Open Interest