Key Highlights
- The latest data revealed that Hyperliquid has generated around $844 million in revenue and saw $3.87 billion in net inflows
- Despite this growth, experts have published a detailed warning about the new permissionless markets operating on the exchange
- However, the HYPE token is trading at around $24.78 with a market cap of $8.4 billion
As the year 2025 is winding down, ASXN Data has shared performance data on Hyperliquid, revealing that the decentralized exchange has added approximately 609,700 new users in 2025.
According to ASXN Data, Hyperliquid added about 609,700 new users in 2025, reaching roughly $2.95 trillion in cumulative trading volume across 198.9 billion trades. The platform generated around $844 million in revenue, saw $3.87 billion in net inflows, and currently has a TVL of… pic.twitter.com/YmPTGsM00A
— Wu Blockchain (@WuBlockchain) December 26, 2025
Apart from this, Hyperliquid has witnessed around $2.95 trillion in cumulative trading volume across 198.9 billion trades. This impressive performance has helped the decentralized exchange to generate around $844 million in revenue, saw $3.87 billion in net inflows, and currently has a TVL of about $4.15 billion, according to the data.
Hyperliquid Grows Rapidly in DEX Leaderboard
Hyperliquid finished the year 2025 with a staggering growth number. The platform has firmly established itself as the go-to venue for traders seeking the speed of a major centralized exchange with the transparency and security of operating fully on-chain.
This cash flow through the decentralized exchange has helped Hyperliquid to secure the top position on the leaderboard of decentralized exchanges. The platform’s main consensus mechanism, HyperBFT, and its integrated HyperEVM allowed the ecosystem to expand beyond simple trading into a platform for decentralized applications.
Apart from this, some upgrades like permissionless perpetual market creation have given the community more power to list their new trading pairs, which are supported by staking HYPE tokens
Throughout 2025, the decentralized exchange captured an overwhelming 70% to 80% share of the entire decentralized perpetual futures market. Its daily volumes regularly ranged between $10 billion and $30 billion. These helped it to outpace other competitors.
The platform’s intense focus on perpetual contracts, which leverage trades that do not expire. It perfectly matched the demands of the cryptocurrency market.
Experts Raise Alarm Over Risks in Hyperliquid’s New Trading Markets
Despite the impressive performance, some experts are raising warnings about Hyperliquid’s latest expansion. DeFi analyst Jordi has published a detailed warning about the new permissionless market operating on the exchange. While these markets have generated euphoria in the crypto community, Jordi argues that they face serious scalability issues and could lead to major losses for participants.
The main reason behind this issue is in the feature launched through the decentralized exchange’s HIP-3 update. This upgrade allows users to create synthetic perpetual contract markets for almost any asset, but requires the creator to stake a large amount of the platform’s native token, 500,000 HYPE.
In return, trading fees from these new markets are shared among those who stake. Experts call this system “Exchange-as-a-Service,” where independent operators use the decentralized exchange’s main technology to run their own mini-exchanges.
“We demand volumes from small delegates comparable to those of centralized exchanges to justify the retail premium. Without a complete overhaul of the fee distribution model or risk model, many of these HIP-3 projects will face FUD or simply shut down,” Jordi said.
Currently, four major custom market segments operate under this model, including xyz, flx, vnti, and hyna. They provide leveraged trading up to 25x on assets like tokenized tech stocks, indices, and experimental cryptocurrencies. Jordi’s warning mainly focuses on the economic model backing these markets, particularly for those offering liquid staking tokens.
To attract stakes, these new market operators must promise high yields. Simple native staking of HYPE tokens provides about 2.2% annual return. To compete, new projects are advertising returns of 20% to 30% or more.
The risk for users who delegate their HYPE tokens to these projects is major. It involves not just locking up capital, but also exposure to “slashing,” where a portion of staked tokens can be confiscated due to network penalties or operator failure.
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