As a researcher tracking decentralized finance, I’ve been following Hyperliquid’s growth closely. They recently reported a significant $3 trillion in trading volume and $907 million in revenue. What’s particularly noteworthy is that they now control around 50% of the onchain perpetual futures market. They’re not stopping there, though – they’re actively expanding their reach by integrating with other platforms and markets.
Hyperliquid continues to be a leading platform for on-chain perpetual futures trading, with strong demand persisting, as shown in their 2025 annual report.
The platform continues to lead the market in onchain perpetual trading, with strong trading volumes and a consistently active user base.
Hyperliquid Maintains Lead in Onchain Perpetual Trading
For almost a year, Hyperliquid has consistently held over half of the market share in onchain perpetual futures trading.
In my research, I’m seeing continued strong interest in trading derivatives on decentralized platforms. It’s clear people still want this type of trading, even though more and more platforms are starting to offer it, creating a competitive landscape.
The platform processed over $3 trillion in trades and generated around $907 million in revenue.
Nearly all of the revenue – about 93% – was generated by ongoing trading products, highlighting the protocol’s emphasis on derivatives trading.
➥ Be Hyperliquid
You didn’t think it was worth the hype until you saw it control over half of the on-chain perpetual futures market for nearly a year.
The platform processed $3 trillion in trading volume and generated approximately $907 million in revenue, with about 93% of that revenue coming from perpetual futures contracts. Remarkably, this was achieved by a small team of just 11 people, without any venture capital funding, and is nearing $1 billion in free cash flow.
— Nick Research (@Nick_Researcher)
Hyperliquid operates with a core team of 11 members and no venture capital backing.
The company produced nearly $1 billion in free cash flow and launched HIP 3 infrastructure, which enables outside developers to create and run their own markets.
These third party markets now account for about 8% of total volume and $40 million in revenue.
Hyperliquid Releases 2025 Annual Report With Research Focus
Hyperliquid has published its 2025 Annual Report, detailing its progress and results from the last year.
The report includes contributions from the core team and a broad group of ecosystem participants.
The document was prepared with support from research groups such as Four Pillars and GLC.
Team members gathered, examined, and checked the data to make sure the report was consistent and correct.
The team explained that the report is designed to make information clearer and easier to find for people who are new to the process.
This resource is also a starting point for further study, and we welcome suggestions to help improve future versions.
Related Article: Hyperliquid OI Reaches a New High of $1.43 Billion as Tokenized Assets Lead the Way.
Swift Expands Global Payments Scheme With Bank Participation
As a crypto investor, I’m keeping a close eye on what traditional finance is doing. I just read that Swift – you know, the system banks use – has over 50 banks signed up to their new system for sending money across borders. They’re aiming to have more than 25 of those actually up and running by June 2026. It’s interesting to see how they’re trying to improve things, especially since crypto is also focused on faster, cheaper international payments.
These banks will support payment corridors across key global markets.
This system aims to speed up transactions and make costs clearer, with set fees and ensuring the full amount reaches the recipient.
It also offers end to end traceability and supports instant settlement where available.
The initiative aligns with G20 goals for cross border payments by 2027.
In my research, I’ve found that SWIFT currently processes 75% of transactions to destination banks in under 10 minutes. Their new framework is designed to further speed things up by tackling the remaining delays in the final processing steps.
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2026-03-24 10:00