Hyperliquid posts highest monthly revenue in August, surpassing $100 million

Hyperliquid recorded its highest-ever revenue and trading volume in August.

According to data from DefiLlama, the platform's monthly revenue hit $106 million, a 23% increase from July's total of $86.6 million. This was driven by a perpetual trading volume of nearly $400 billion.

In recent months, Hyperliquid has consistently captured a significant share of the decentralized perpetuals market, with its volume exceeding that of other major DeFi protocols. The Block's data dashboard shows that Hyperliquid led 70% of the market share among leading perpetual trading platforms, others including Jupiter and Orderly Network.

The platform's growth is often attributed to its on-chain architecture, built on its own Layer-1 blockchain HyperEVM, which attracts traders with high performance and cheaper transaction fees. Hyperliquid's fast growth has also attracted institutional interest, as seen in the recent launch of 21Shares' Hyperliquid exchange-traded product on the SIX Swiss Exchange. 

However, the platform also faced scrutiny and criticism last month after a whale investor allegedly manipulated a newly launched futures market for the XPL token, profiting from a sudden spike that resulted in substantial losses for other traders. Hyperliquid traders have seen a similar incident in March involving the Jelly memecoin futures market.

The incident led the platform to introduce new updates to safeguard traders, including a 10x price cap relative to the 8-hour exponential moving average and integration of external market data to improve price stability.

"The sustainability of this growth trajectory will likely depend on Hyperliquid's ability to maintain its technical edge while scaling to accommodate increasing user demand without compromising the performance that initially attracted traders from centralized platforms," The Block's Brandon Kae and Ivan Wu previously stated.