Hyperliquid Perps Volume Rises to $1.5T and Sees $310M Revenue

• Hyperliquid reached $1.57 trillion in perpetual future volume and earned $310M in revenue. 
• HYPE price rose from $12 in April to over $40, with clear support around $35 and $38 zones.
• HYPE futures open interest grew from $400 million in March to $1.8 billion in June.

Hyperliquid has processed more than $1.571 trillion in perpetual futures volume in the past 12 months. According to Dune Analytics data aggregated by Sealaunch, its monthly volume surged to $248 billion in May and hit $208 billion in June so far. The platform generated $56 million in revenue this month, bringing its cumulative revenue to $310 million.

Hyperliquid’s year-long growth has placed it far ahead of competing decentralized perpetual platforms. Combined, all other onchain perp exchanges saw $140 billion in volume during the same June window. Its consistent rise in trading activity has pushed cumulative volume close to $2 trillion by June 2025.

Volume Acceleration and Product Expansion

Hyperliquid’s growth accelerated after its $1.2 billion airdrop of HYPE tokens in December 2024. The Volume jumped from $75B in November to $150 billion the following month. In addition, the platform launched HyperEVM, which is an Ethereum-compatible smart contract network connected to HyperCore, which powers its Layer 1 blockchain. This expansion enabled developers to build dapps directly on-chain.

Research analyst Min Jung of Presto Research said that Hyperliquid supports sub-second finality and processes over 100,000 orders per second. According to Jung, the platform’s complete on-chain order book delivers high-speed execution and transparency.

“Combined with its community-focused buyback program, robust HyperEVM ecosystem, and clear on-chain auditability, Hyperliquid has proven it can match the depth and resilience of top centralized venues,” Jung stated.

HYPE/USD Tests Resistance as Price Action Confirms Bullish Setup

According to TradingView, HYPE/USD was priced at $41.98 on June 30, 2025, up 1.45% in the 4-hour timeframe. The token is testing a resistance zone at $42.00 following the formation of a cup-and-handle pattern.

Source: Tradingview

Support for the handle formed near $35.70, which aligns with the 1.0 Fibonacci retracement level. Lower supports remain at $33.99 and $31.81 on the 1.272 and 1.618 Fibonacci levels.

Bollinger Bands indicate that price action has breached the upper band at $41.37, while the midline and lower support levels are located at $37.99 and $34.61, respectively. A move above the 0.5 Fibonacci level at $38.85 marked a shift in momentum. Regarding indicators, the MACD indicator shows the MACD line at 0.90, which remains above the signal line at 0.40, with increasing histogram volume supporting bullish pressure.

Related: 170 Hyperliquid Traders Top $10M Profits as HYPE Hits New High

HYPE Futures Open Interest Rises

According to Coinglass data, HYPE futures open interest has grown from under $400 million in late March to $1.86 billion by June 30. The token’s price rose from $12 in early April to over $40 by the end of June. Between May 21 and June 11, open interest increased from around $1 billion to over $1.5 billion, while the price rose from $24 to $42.

Source: Coinglass

The open interest moved in tandem with the price during the quarter, indicating forceful leveraged positioning. Given that this positioning is correct, will it enable HYPE to overcome the resistance at $42?

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