Hyperliquid has officially transitioned from a promising momentum story into a foundational pillar of the decentralized finance (DeFi) ecosystem. Throughout 2025, the platform achieved a rare trifecta of success: explosive user acquisition, massive trading throughput, and high-margin profitability. Data from ASXN confirms that Hyperliquid is no longer just an alternative—it is now a primary destination for global derivatives trading.
While many platforms struggled with retention in 2025, Hyperliquid successfully onboarded 609,000 new users. This influx was supported by a diverse mix of retail participants and institutional traders drawn to the platform's speed and execution quality.
This trust was mirrored in the capital flows:
Hyperliquid’s activity levels have reached a scale previously reserved for centralized exchanges. The protocol recorded a staggering $2.9 trillion in total trading volume for the year. A deeper look at the data shows that $199 billion of that represented executed trades, highlighting a highly active and liquid environment. This suggests that the platform’s infrastructure is now capable of handling institutional-grade throughput without friction.
Perhaps the most significant takeaway from 2025 is Hyperliquid’s financial health. In a sector where high volume doesn't always equal high earnings, Hyperliquid generated $844 million in revenue.
This revenue profile proves that the protocol has built a sustainable, scalable business model. By bridging the gap between the user experience of centralized finance and the transparency of decentralization, Hyperliquid has set a new standard for what a profitable DeFi exchange looks like in a mature market.
December 2025, Cryptoniteuae