Hyperliquid Named 2025 Project of the Year by Decrypt for Leveraged Perpetual Futures Trading
Decrypt has named Hyperliquid as the 2025 Project of the Year, recognizing it as a high-risk leveraged trading venue specializing in perpetual futures.
Hyperliquid operates on its own layer-1 blockchain that features on-chain order-book settlement, gasless transactions, account abstraction, and fast settlement times.
The platform offers leverage ranging from 3x to 40x for perpetual futures trading.
In 2025, Hyperliquid reported an impressive $2.73 trillion in perpetual futures trading volume, alongside $110.65 billion in spot volume, generating $1.22 billion in annualized revenue according to DefiLlama.
July 2025 saw Hyperliquid process $319.5 billion in perpetual trading, comprising approximately 56.6% of the total perps market, with the perps-to-spot volume ratio peaking at 11.5 during the same month.
Positioned as a regulatory arbitrage platform, Hyperliquid blocks US users by IP, allowing access solely through wallets without KYC requirements. This enables simpler utilization of advanced high-leverage trading tools.
All transactions on Hyperliquid are publicly transparent and can be viewed via block explorers such as HypurrScan. Notable events include multi-million-dollar liquidations and gains in the eight-figure range.
Jeff Yan co-founded Hyperliquid Labs in 2023. The team consists of 11 members and the project operates without venture capital funding. Instead, it employs a revenue-sharing model involving its users.
Hyperliquid competes with centralized exchanges and other decentralized perpetual futures exchanges (perp DEXs). Industry players like BitMEX and BNB Chain have observed trading volume shifting towards decentralized exchanges. Competitors such as Aster offer even higher leverage options, reaching up to 1001x on selected assets.
