In July 2025, decentralized exchange Hyperliquid showed significant revenue growth, attracting users from Solana and other competitors. According to researchers at VanEck, Hyperliquid captured 35% of total blockchain revenue.
Rise in Hyperliquid Revenue
According to the VanEck report, Hyperliquid was able to significantly boost its revenues, partly at the expense of users from Solana, Ethereum, and BNB Chain. "Hyperliquid was able to capture much of Solana’s momentum, likely taking its market capitalization, because it offers a simple, highly functional product," analysts at VanEck stated.
Increase in Open Interest
Open interest for Hyperliquid reached $15.3 billion in July, up 369% year-to-date. Integration with Phantom Wallet, which offers in-app perps, drove $2.66 billion in trading volume and more than 20,900 new users in July.
Growth of HYPE Token
The HYPE token also showed growth, reaching an all-time high of $49.75 in mid-July after a low of just above $10 in early April. Meanwhile, Solana’s token (SOL) has fallen by 44% since January, driven primarily by the memecoin frenzy.
Thus, Hyperliquid is demonstrating impressive growth and is becoming a leader in the decentralized derivatives market, while Solana faces reliability issues and user attrition.
