Hyperliquid, a leading decentralized perpetual exchange, has reached a major milestone in 2025 by surpassing $3 trillion in cumulative trading volume. The platform frequently records billions in daily volume, a feat underpinned by its proprietary HyperCore + HyperEVM Layer-1 blockchain. This infrastructure delivers sub-second settlement, zero gas fees, and a throughput of 200,000 transactions per second (TPS), setting a new performance benchmark in the crypto derivatives market.
Core Technology: HyperCore + HyperEVM
Hyperliquid's competitive edge lies in its custom blockchain. HyperCore handles transaction ordering and state management, while HyperEVM offers an Ethereum Virtual Machine-compatible smart contract environment. This dual-layer architecture merges the low-latency, high-throughput advantages of centralized exchanges (CEX) with the transparency and auditability of decentralized finance (DeFi). The platform maintains stable performance even during extreme market volatility, a key factor attracting both institutional and retail traders.
Tokenomics and Growth Flywheel
Another driver of the volume surge is the HYPE token ecosystem. Hyperliquid incentivizes early users and liquidity providers through multiple HYPE airdrops, while executing a 99% revenue buyback and burn mechanism that progressively reduces token supply. Monthly revenue at times outpaced Ethereum mainnet by fivefold, demonstrating strong commercial viability. Additionally, AiCoin users can benefit from a 4% trading fee discount by using the exclusive code AICOIN88, further lowering entry barriers.
Market Impact and Competitive Landscape
Hyperliquid's rise is reshaping the perpetual DEX sector. Competing against platforms like dYdX, it has gained significant market share through superior blockchain performance and a well-designed token distribution model. Research firm 21Shares has published reports analyzing HYPE valuation scenarios, and Bybit's CEO has recognized Hyperliquid as a potential partner amid regulatory challenges. While HYPE token price faced short-term pressure (down 2.52% intraday), the long-term holder base continues to expand.
Looking ahead, if Hyperliquid maintains its technology iteration and community incentives, its trading volume and user base are poised for further growth, positioning it as a core infrastructure in the decentralized derivatives space.