tl;dr
Hyperliquid (HYPE) is experiencing rapid growth, with monthly revenue exceeding $110 million and perpetual trading volume surpassing $2.5 trillion. The platform has generated nearly $661 million in cumulative revenue, showing strong performance even during a period of market slowdown. August saw $...
Hyperliquid (HYPE) is taking the market by storm as its monthly revenue surpasses $110 million, with perpetual trading volume hitting $2.5 trillion. Dubbed crypto’s new “killer app,” the platform opens up explosive growth opportunities while raising questions about risks and sustainability.
Here’s the breakdown: In the past 30 days, Hyperliquid’s revenue exceeded $110 million, bringing its cumulative revenue to nearly $661 million. This is a rare growth trajectory for a non-custodial perpetual DEX (decentralized exchange). Data from DefiLlama shows the protocol’s fee generation continues to rise steadily, even as the broader market grapples with a “slow summer.”
August alone saw Hyperliquid rake in $106 million in revenue and $114 million in fees—both figures outpacing July’s $86 million and $93 million. In July, Hyperliquid accounted for 35% of the total revenue across the blockchain sector, a staggering share that underscores its dominance.
But the numbers don’t stop there. Hyperliquid’s perpetual trading volume has surpassed $2.5 trillion. Even during the so-called “slow summer,” the platform still recorded over $1 trillion in trading activity, according to a user on X. This growth paints a stark contrast to Solana-based DEXs, which have seen activity decline since the memecoin frenzy earlier this year. Will Clemente, a crypto analyst, noted that Hyperliquid’s users and volumes have been “trending up and to the right all year pretty much.”
**The Next Potential App?**
Hyperliquid’s recent surge has sparked mixed reactions. With its simple product, CEX-like (centralized exchange) experience, and ability to expand its ecosystem quickly, the platform has the potential to become crypto’s next “killer app.”
However, some users argue that Hyperliquid still faces structural risks. Admin control over key functions and the possibility of downtime remain concerns. Earlier this year, the platform faced a brief frontend outage that prevented users from placing, closing, or withdrawing orders, though backend operations continued unaffected.
“If Hyperliquid goes down, can users withdraw funds? (e.g., submit proofs). If Hyperliquid turned evil, can they steal user funds?” asked X user Ryan, highlighting the lingering trust issues.
Meanwhile, competition in the perpetual DEX race is heating up. New entrants like Lighter are emerging, offering features such as order match/liquidation verification and unified yield-margining. Lighter is considered a “formidable competitor,” yet Hyperliquid’s scale advantage and current user base remain dominant. If the execution milestones in its roadmap are carried out, the platform has the foundation to continue shaping crypto’s next major momentum shift.
**Market Outlook and Risks**
Despite its meteoric rise, HYPE is showing signs of retracement, currently trading at $44.63 USD. Technical analysis points to $50–$51 as key resistance-turned-support levels, with targets at $55, $58, and $73 if bullish momentum sustains.
The question now is: Can Hyperliquid maintain its trajectory, or will the risks—real or perceived—temper its ascent? As the crypto world watches, one thing is clear: Hyperliquid isn’t just another DEX. It’s a force that’s redefining what’s possible in decentralized trading.
What do you think? Is Hyperliquid the next big thing, or is the market overestimating its potential?