Hyperliquid Maintains Dominance in Onchain Perpetual Futures Market

Hyperliquid, a leading player in the decentralized finance (DeFi) space, has solidified its position as a top contender in the onchain perpetual futures market. According to its 2025 annual report, the platform has maintained over 50% share of the market for nearly a year.

The report highlights Hyperliquid's impressive trading volume of $3 trillion and revenue of $907 million. A significant portion of this revenue, around 93%, comes from perpetual trading products, demonstrating the platform's focus on derivatives activity.

Notably, Hyperliquid operates with a lean core team of 11 members and has no venture capital backing, generating close to $1 billion in free cash flow.

The report also touches on the introduction of HIP 3 infrastructure, allowing third parties to deploy markets. This expansion has contributed around 8% of total volume and $40 million in revenue.