According to a research report from Bitcoin Suisse, Hyperliquid has emerged as a key player in decentralized perpetual futures trading, posting $820 million in annual revenue for the past year. The Swiss financial institution's analysis highlights the platform's steady user activity, efficient fee structures, and ability to capture meaningful market share in a competitive landscape.
The report ranks Hyperliquid fourth globally in perpetual trading volume, a notable achievement given the dominance of both centralized and decentralized competitors. By securing a top-five position, Hyperliquid has demonstrated that decentralized venues can rival traditional centralized exchanges in liquidity, speed, and capital efficiency. Its order-book design and native blockchain architecture have been key differentiators, allowing traders to execute large positions with minimal slippage.
One of Hyperliquid's most striking achievements is its aggressive expansion into real-world assets (RWAs). In less than six months, the platform rolled out more than 120 new markets tied to tokenized equities, commodities, and other off-chain instruments, averaging roughly five new markets per week. This strategic pivot toward bridging traditional finance with decentralized markets broadens its appeal to a wider investor base seeking diversified exposure within the crypto ecosystem.
The report also notes Hyperliquid's commanding presence within the decentralized perpetuals sector, capturing 41% of total open interest and more than 30% of overall trading volume across all decentralized venues in 2025. Bitcoin Suisse's analysis frames these developments within a broader narrative of maturing decentralized finance, concluding that Hyperliquid's performance sets a new benchmark for decentralized trading platforms.
In a separate but related development, institutional players remain bullish on DeFi infrastructure despite the recent KelpDAO hack that led to about $292 million in initial losses and over $15 billion leaving the DeFi ecosystem. According to Morpho co-founder Paul Frambot, institutions have 'completely lost trust in pool/hub models,' seeking control over code, risk, and compliance. Frambot confirmed the inevitability of assets, payments, and loans coming on-chain after speaking with the largest institutions.
The DeFi United fund has attracted close to $250 million in ETH commitments to support recovery efforts following the hack. Donations have reached approximately 102,646 ETH of the 116,500 ETH goal. Major donors include Arbitrum DAO, Mantle, Aave DAO, Aave founder Stani Kulechov, Kelp, and BGD Labs. Justin Sun announced that the Tron network and HTX exchange will commit $20 million in USDT to the Aave V3 market.
DeFi TVL has steadied in the $83-85 billion range after the initial panic that led to large-scale withdrawals from Aave into other protocols. Bitcoin Suisse's research underscores Hyperliquid's outperformance relative to leading venues such as Solana and Pump.fun, with the protocol now accounting for more than 50% of open interest in decentralized perpetual futures markets. Hyperliquid is also planning its next expansion phase, HIP-4, to transform from a DEX into financial infrastructure, including entering the prediction market sector.
