Decentralized exchange Hyperliquid has reached a major milestone, surpassing $1.57 trillion in onchain perpetual futures trading volume over the past 12 months. The achievement solidifies its position as a dominant force in the decentralized derivatives market, outpacing its competitors and demonstrating the growing demand for non-custodial trading solutions.
Unmatched Growth and Market Share in Onchain Perps
According to data from Dune Analytics, Hyperliquid generated over $310 million in cumulative revenue, with $56 million earned in June alone. The platform handled $248 billion in volume during May, and already crossed $208 billion in June, compared to a combined $140 billion across all other onchain perpetual platforms.
“Hyperliquid’s speed, scalability, and transparent architecture are key drivers behind its exponential growth,” said Min Jung, research analyst at Presto Research.
Airdrop Events Fuel Adoption and Volume
Hyperliquid’s momentum accelerated in late 2024, coinciding with its $1.2 billion HYPE token airdrop event. Monthly volume jumped from $75 billion in November to $150 billion in December 2024, showing the impact of strong incentive alignment with traders and early adopters.
The airdrop campaign catalyzed user engagement and established liquidity depth critical for perpetual markets.
Hyperliquid’s Technology: Fast, Scalable, and Transparent
Hyperliquid’s unique advantage lies in its fully onchain order book, which delivers:
- Sub-second finality
- Over 100,000 orders per second
- High auditability and transparency
This infrastructure is powered by HyperCore, the protocol’s foundational software, and recently expanded through the launch of HyperEVM — an Ethereum-compatible virtual machine that enables developers to build smart contracts and decentralized applications (dApps) directly on Hyperliquid’s Layer 1 chain.
A Viable Decentralized Alternative to Centralized Derivatives Exchanges
With its community-focused buyback program, robust onchain audit trails, and advanced technical stack, Hyperliquid now rivals the depth and efficiency of centralized exchanges, without sacrificing decentralization or user custody.
As the crypto derivatives sector continues to migrate onchain, platforms like Hyperliquid are expected to play a central role in defining the next era of trustless, high-performance trading infrastructure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.