Recep Gülcemal 
Hyperliquid achieved its highest monthly revenue to date following a $100 million increase, while also seeing a significant rise in trading volume. This revenue, combined with a trading volume of $400 billion, represented a 23% increase compared to the previous month. Thus, it reached its highest profit level with a revenue increase exceeding $100 million.
According to DefiLlama data, this platform’s monthly revenue is estimated to have reached $106 million. This figure represents a 23% increase compared to the $86.6 million achieved in July. The increase continues to support a sustained trading volume of approximately $400 billion.
What Factors Contribute to Hyperliquid’s Revenue Growth?
Over the past few months, Hyperliquid has increased its trading volume by holding a significant share in the perpetual market, which is a decentralized market. In doing so, it has managed to outperform other DeFi protocols. In fact, according to The Block’s data dashboard, Hyperliquid holds a 70% market share on the perpetual trading platform, positioning it as the market leader. Among its key competitors are Orderly Network and Jupiter.
Criticisms Directed at Hyperliquid
Although it exceeded $100 million in revenue in August, Hyperliquid has faced some criticism in recent months. It was alleged that a major investor manipulated the trading market for a newly launched token. This token is the XPL token. The investor reportedly made significant profits from sudden price spikes, while other traders suffered substantial losses. A very similar incident occurred in March. Jelly memecoin futures faced criticism for similar reasons.
Following these incidents, several updates were implemented to protect traders. An 8-hour exponential moving average price limit of 10 times was introduced. At the same time, external market data integration was implemented to ensure price stability. Brandon Kae and Ivan Wu from The Block also emphasized the continuation of growth momentum, stating that it could maintain its technical superiority without compromising performance.
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