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Hyperliquid scales onchain perp trading and grows revenue
CoinDesk notes Hyperliquid processed $1.28 trillion in perpetual futures volume in the first half of 2026 and generated about $1 billion in 2025 revenue, despite having no outside investors and a team of 11.
CoinDesk’s Crypto for Advisors newsletter says Hyperliquid, a decentralized finance platform built for financial infrastructure, has been moving exchange-level trading onchain through its perpetual futures, or perps, which trade 24/7 and are non-expiring derivatives.
The outlet highlights Hyperliquid’s onchain orderbook, which it describes as exchange-like, capable of supporting up to 200,000 orders per second, with trades and liquidations settling transparently onchain.
During a crypto bear market, CoinDesk reports Hyperliquid processed $1.28 trillion in perp volume in the first half of 2026, placing it among the top five crypto derivatives venues, and says the platform generated roughly $1 billion in revenue in 2025, primarily from trading fees.
CoinDesk also points to cumulative all-in volume of about $5.3 trillion as of August 2026, adding that the project reached that scale without outside investors or paid market makers and with a team of just 11 people, while orderbook depth for bitcoin has ranked higher than large centralized exchanges at times.
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