Hyperliquid, a decentralized derivatives exchange, has reported explosive growth in 2025, achieving a staggering $32 billion in 24-hour trading volume and growing its total value locked (TVL) to $6 billion. This performance underscores its rapid ascent as a major force in on-chain trading. The platform's open interest, a key metric for active leveraged positions, also surged to $16 billion, up from $4 billion the previous year.
Perhaps most notably, Hyperliquid reached these milestones without raising external venture capital, a rare feat in the crypto industry. Instead, the platform emphasized organic growth and a community-centric model where all protocol fees are returned to its users. Daily protocol revenue peaked at $20 million in 2025, a significant increase from approximately $3.5 million in 2024.
The user base expanded dramatically to 1.4 million, a substantial jump from around 300,000 users a year earlier. This growth was supported by several major product launches throughout 2025, including the rollout of the HyperEVM for enhanced smart contract support, native USDC integration for easier stablecoin liquidity, and permissionless perpetuals deployment under HIP-3 with portfolio margin features.
The platform also moved towards a fully permissionless validator set, reducing reliance on a small group of operators and aligning with its focus on decentralization and open access. These developments position Hyperliquid among the larger players in the competitive on-chain derivatives sector.
