Hyperliquid: Leading Perpetual Futures DEX with Record 2025 Volumes and Unique On-Chain Model
Hyperliquid is a decentralized perpetual futures exchange (perp DEX) built on its own layer-1 blockchain with an on-chain order book. This architecture enables gasless transactions and fast trade settlement, distinguishing it from many other decentralized and centralized exchanges.
In 2025, Hyperliquid reported impressive metrics including over $2.73 trillion in perpetual futures volume, $110.65 billion in spot volume, and $1.22 billion in annualized revenue according to DefiLlama. The project operates with an 11-person team led by co-founder Jeff Yan under Hyperliquid Labs.
Hyperliquid played a significant role in popularizing perpetual futures trading among decentralized exchanges and lowering barriers for users, which contributed to a tremendous growth in perp DEX open interest—exceeding 700% year-over-year. In July 2025 alone, the ratio of perpetual futures to spot trading peaked at 11.5, with Hyperliquid handling $319.5 billion in perpetual futures volume, representing about 56.6% of the total perps market.
The platform offers leverage from 3x up to 40x, although centralized exchanges continue to offer more aggressive leverage up to 150x. Hyperliquid supports over 100 tokens tradeable as perpetual contracts, including tokens like MON (Monad) launched with 3x leverage and MegaETH added before the platform’s launch.
U.S. users are blocked from accessing Hyperliquid. The platform relies on regulatory arbitrage and minimal KYC, allowing users to connect wallets directly without creating traditional accounts. This libertarian crypto finance model enables a level of openness but has also prompted discussions about risks and regulatory concerns.
All trades on Hyperliquid are publicly visible on block explorers such as HypurrScan, allowing users to track large positions and whales. High-profile trades include a Bitcoin short position of $521 million opened and closed in March, generating $9 million in profits. Other notable outcomes include approximately $108 million in Ethereum short profits, $27 million in HYPE short profits, and $29 million in Bitcoin short profits. However, risks materialized in incidents like the $100 million liquidation of high-profile trader James Wynn.
Industry experts have mixed views: some emphasize Hyperliquid’s role in expanding liquidity and access to perpetual futures markets with on-chain transparency and speed. Others warn about the inherent risks of high-leverage trading and potential for abuse in a lightly regulated environment.
Market dynamics illustrate a shift from centralized exchanges like BitMEX towards decentralized models. Competitors such as the Aster perpetual DEX offer even higher leverage—up to 1001x on select assets. While DEXs prioritize speed and openness, they trade off custodial security and regulatory oversight compared to CEXs.
