The decentralized exchange Hyperliquid achieved a record revenue of $106 million in August, marking a 23% increase from July.
The trading volume of perpetual contracts reached nearly $400 billion.
The protocol holds a dominant position in the decentralized derivatives market, with a 70% share among leading platforms, including Jupiter and Orderly Network.
Hyperliquid’s growth is attributed to its architecture. The platform operates on its own L1 blockchain, HyperEVM, which ensures high performance and low fees.
The impressive figures have attracted institutional interest. Recently, 21Shares launched an exchange-traded product based on Hyperliquid on the Swiss stock exchange SIX.
The platform also draws speculators. In August, a major investor allegedly manipulated the XPL token in the futures market. A sharp price spike led to losses for other traders.
In response, the Hyperliquid team implemented updates to protect users. The platform limited price deviation from the eight-hour exponential moving average to tenfold. Additionally, the protocol began using external market data to stabilize quotes.
Back in July, the decentralized exchange recorded a record monthly trading volume of perpetual futures at $319.4 billion.
