- Hyperliquid processed over $1.5 trillion in perpetual futures volume over the past year with record-breaking growth in May.
- More than 92% of revenue is used for HYPE token buybacks, fueling deeper liquidity and token support.
The figure of $1.571 trillion is not a small number. That is the total trading volume of Hyperliquid’s perpetual futures over the past year, according to Dune. And of that amount, the platform managed to collect revenue of around $310 million.
Enough to make other derivatives exchanges start to be wary, especially considering the trend of users and volumes that continue to increase every month.
Source: Dune
In May 2025, Hyperliquid caused a stir after setting a new monthly volume record of $248.3 billion, based on data from DeFiLlama that we highlighted. A volume of that size certainly didn’t just appear out of nowhere.
User trust in this platform looks increasingly solid, especially since their total locked value (TVL) also skyrocketed to $1.46 billion, double the previous month. While other platforms were still busy fixing themselves, Hyperliquid stepped on the gas.
Whales Circle as Hyperliquid Tightens Supply and Eyes Institutions
Interestingly, it’s not just the large volume—Hyperliquid also has a fairly aggressive strategy in managing its revenue. A total of 92.7% of HyperCore’s revenue was used to buy back their native token, HYPE, directly from the open market. The effect? Demand is increasing, circulation is tight, and liquidity is getting deeper. This annual buyback is even said to have reached more than $1 billion.
But what’s making it even more crowded is not just the buyback. A week ago, we reported that Lion Group plans to use Hyperliquid as the core of their $600 million crypto treasury project. The increasing whale activity around this protocol seems to be a loud alarm that institutional interest is approaching.
Moreover, Lion is not a small player. If this step is actually realized, it could be a new stepping stone for Hyperliquid’s expansion into a deeper institutional scene.
HYPE Token Market Activity is Getting More Exciting
On the other hand, the HYPE token itself is also enjoying this euphoria. When this article was written, HYPE was trading at around $39.85, up 3.15% in the last 24 hours. Moreover, its trading volume also increased drastically to $259.09 million, jumping more than 68% in just one day.
The question now is, what can stop Hyperliquid? With an internal valuation estimated to have reached $40 billion, and a position that now absorbs around 11% of Binance’s volume for perpetual contracts, it is not an exaggeration if many are starting to compare them to the old giants.
Furthermore, this growth pattern seems to prove that the perpetual futures market is not only dominated by traditional exchanges or established players. Hyperliquid comes with a different approach, with a non-custodial system, a lightweight interface, and incentives designed to strengthen the community.
