Hyperliquid, a decentralized exchange with its own L1, achieved significant success by processing $330 billion in trading volume in July 2025. This article analyzes the factors that contributed to this growth.
What is Hyperliquid?
Hyperliquid is a decentralized perpetual exchange built on a custom layer 1. The platform's architecture is divided into two interconnected components: HyperCore and HyperEVM. HyperCore manages key trading processes, while HyperEVM provides an environment for developing smart contracts.
Trading Records in July
July was Hyperliquid's strongest month yet, with a trading volume of about $319 billion, leading to a sharp increase in demand for decentralized contracts. Findings show that Hyperliquid temporarily surpassed Robinhood, confirming high platform activity. For instance, Robinhood's trading volume that month amounted to $237.8 billion. For three consecutive months, Hyperliquid outpaced Robinhood's volumes.
Operational Models and Mechanisms
Hyperliquid boasts an efficient organizational structure consisting of only 11 individuals. Self-funding and a refusal of venture capital have fostered innovation. Funding mechanisms like HLP and the Assistance Fund create positive feedback loops, enhancing the platform’s liquidity. Additionally, in November 2024, a genesis airdrop was conducted, further boosting user interest.
Hyperliquid's success is largely attributed to its unique architecture, organizational choices, and innovative distribution mechanisms. Observers note important factors that will need to be monitored to maintain sustainability in the future.
