Hyperliquid Processed $2.9 Trillion in Perpetual Contract Trading Volume in 2025: Grayscale Report

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According to Grayscale Research report "Hyperliquid Breaks the Mold," the decentralized trading platform Hyperliquid processed approximately $2.9 trillion in perpetual contract trading volume during 2025, with outstanding open interest of about $7 billion. The platform has become the third or fourth largest crypto perpetual exchange globally. Hyperliquid generated about $800 million in annual revenue during 2025, representing roughly 2% of global crypto perpetual market revenue.
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