Hyperliquid Records Best Month Ever in Revenue Following HYPE ATH Surge

Hyperliquid has hit its highest monthly revenue and trading volume ever in August. This came after the HYPE price rallied to a new ATH.

Hyperliquid Records Highest Monthly Revenue

DefiLlama data shows that Hyperliquid posted its highest monthly revenue in August. It reached $106 million, a 23% increase from July’s $86.6 million. This surge can be attributed to its nearly $400 billion in perpetual trading volume.

Source: DefiLlama Data; Hyperliquid Fees and Revenue Chart

A substantial portion of these earnings is funneled into Hyperliquid’s Assistance Fund. This fund automatically buys back HYPE from the open market. Since January, the fund’s holdings have increased from 3 million to 29.8 million tokens, valued at over $1.5 billion.

The growth comes mainly from the protocol’s Layer-1 blockchain, HyperEVM. This platform delivers high throughput and low-cost transactions. Hyperliquid has built a fully on-chain trading system that processes more than $8 billion daily by eliminating off-chain oracles and order matching. It has also surpassed $2 trillion in cumulative volume since its debut in 2023.

Furthermore, Hyperliquid’s revenue per employee ratio is higher than Tether’s, which is $93 million. Additionally, it exceeded OnlyFans’s $37.6 million, surpassing more established tech behemoths like Apple, Nvidia, and Meta. The platform is expected to generate $1.17 billion in annual revenue.

Hyperliquid also crossed another milestone with its Hyperliquidity Cluster. In 24 hours, the trading volume reached $3.4 billion, with $1.5 billion coming from Bitcoin alone. This makes it the second-largest platform globally for Bitcoin spot trading.

HYPE Price Rally Amid Rising Derivatives Activity

As CoinGape previously reported, HYPE reached a new all-time high, rising over 10% in just one day to $51.17. This increase was driven by whale accumulation and high trading fees. As of now, the token is trading at approximately $44, representing a 1% decline over the past week.

Source: TradingView; HYPE Price Daily Chart

Building on its bullish narrative, BitMEX CEO Arthur Hayes projected a 126x upside for HYPE. Hayes argues that the stablecoin supply is expected to hit $10 trillion by 2028. He also shared that the platform could capture over a quarter of the associated trading volume. His analysis forecasts protocol revenues surging from $1.2 billion today to $258 billion within three years.

It is also worth mentioning that 21Shares recently launched the first regulated Hyperliquid exchange-traded product (ETP) on the SIX Swiss Exchange. The product offers structured access to the protocol, which already powers 80% of decentralized perpetuals trading.

Analysts say Hyperliquid is one of the most interesting protocols in the DeFi space. However, they warn that there is a significant risk to its value. Only one-third of Hyperliquid’s tokens are currently available, despite the company’s potential value of $50 billion. Upcoming token unlocks later this year may challenge its price stability.