Hyperliquid Hits $32B Daily Volume Record as Self-Funded DEX Triples TVL in 2025

TLDR:

• • Hyperliquid’s daily trading volume doubled to $32 billion while open interest quadrupled to $16 billion.
  • The platform expanded to 1.4 million users and achieved $6 billion TVL without any venture capital funding.
  • HyperEVM launched with native USDC integration and permissionless validator set during the growth period.
  • Daily protocol revenue reached $20 million peak, representing nearly sixfold increase from 2024 levels.

Hyperliquid has achieved remarkable growth throughout 2025, reaching new all-time highs across multiple metrics. The decentralized exchange platform reported $32 billion in 24-hour trading volume, more than doubling its 2024 peak. 

The milestone comes as the protocol celebrates significant technological advances and ecosystem expansion. Without external funding, the platform distributed all protocol fees to its community while maintaining rapid development.

Platform Growth and Development

The protocol underwent substantial technical evolution during the year. HyperEVM launched with HyperCore composability features, introducing new capabilities through precompiles and CoreWriter. 

The validator set became fully permissionless, allowing broader network participation. The unit bridged spot assets to the platform, expanding trading options.

Native utility staking emerged as a key feature, providing fee discounts for traders. Builders gained permissionless HyperCore deployment capabilities through the staking mechanism. 

Permissionless spot quote assets arrived alongside Hypurr NFTs, diversifying the ecosystem. Native Markets launched USDH following a governance vote, while HIP-3 enabled permissionless perpetual contract deployment.

Portfolio margin entered pre-alpha testing, and native USDC integration went live. The platform announced that Assistance Fund HYPE tokens were officially burned. 

These releases occurred without venture capital backing, as the project maintained its self-funded development model. The team credited early believers and hundreds of building teams for driving adoption.

Record-Breaking Performance Metrics

Open interest climbed to $16 billion from $4 billion in 2024, representing a fourfold increase. Total value locked reached $6 billion, tripling the previous year’s $2 billion figure. 

Daily protocol revenue peaked at $20 million, compared to $3.5 million in 2024. The user base expanded to 1.4 million from 300,000 accounts.

Trading volume demonstrated consistent strength throughout the period. The platform processed trillions in cumulative volume across perpetual and spot markets. Regional communities organized local events, fostering grassroots adoption. 

Dozens of teams contributed to ecosystem development, though limited space prevented all projects from appearing in commemorative artwork.

The protocol emphasized its commitment to fair and permissionless practices. Management stated the approach contrasts with traditional finance’s entrenched models. 

Artist Degen_Alfie created an art piece featuring ecosystem applications and teams. The visual celebration highlighted community contributions and platform milestones achieved during the year.

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