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Hyperliquid Achieves $2.95 Trillion Trading Volume in 2025

Hyperliquid Achieves $2.95 Trillion Trading Volume in 2025

Hyperliquid’s user base surged from 300K to 1.4M in 2025, accompanied by record trading volumes and revenue growth, amid major protocol upgrades and community-focused economics.

USDC
HYPE

Fact Check
The assessment is "likely_true" with high confidence due to consistent and direct support from multiple relevant sources. The most authoritative relevant source, the on-chain analytics platform Lookonchain, directly states that Hyperliquid's total trading volume for 2025 topped $2.95 trillion. This primary data point is corroborated by several other independent news reports from crypto exchanges like Bitget and Phemex. These secondary sources, while having lower individual authority, all report the exact same figure, citing various other crypto news outlets and data reviews (ForesightNews, PANews, ASXN). This creates a strong consensus across the available evidence. There is no conflicting or contradictory information presented; the other provided sources are simply irrelevant to the specific claim, as they cover different market types (spot vs. derivatives), exchanges (CME, NYSE), or asset classes (traditional finance). The lack of any contradictory evidence combined with direct confirmation from a reputable data platform and multiple consistent news reports makes the statement highly probable.
Summary

Hyperliquid closed 2025 with users rising from 300,000 to 1.4 million, doubling peak daily trading volume to $32 billion from 2024’s $15 billion. Protocol revenue reached $20 million, up nearly sixfold from $3.5 million a year earlier. The decentralized exchange reported achieving these results without external funding, returning all protocol fees to the community. Significant milestones included launching HyperEVM, introducing native staking, integrating USDC, and implementing USDH governance.

Terms & Concepts
  • HyperEVM: A blockchain execution environment launched by Hyperliquid to enhance scalability and enable advanced on-chain functionality within its trading ecosystem.
  • Native Staking: A protocol feature allowing users to stake assets directly within Hyperliquid to support network operations and participate in its economic model.
  • USDH Governance: A governance framework associated with Hyperliquid’s USDH stable asset, enabling community participation in protocol-level decisions.