Hyperliquid, a layer-1 blockchain optimized for perpetual futures trading, has overtaken Ethereum in seven-day revenues, marking a significant milestone in the crypto ecosystem. According to DefiLlama, Hyperliquid recorded approximately $12.8 million in protocol revenues in the past week, exceeding Ethereum’s $11.5 million. This revenue flip underscores Hyperliquid’s increasing dominance in derivatives trading, as it offers faster transaction settlements and lower fees compared to Ethereum.
Quick Take
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Hyperliquid generated $12.8 million in weekly protocol revenue, surpassing Ethereum’s $11.5 million.
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The layer-1 blockchain specializes in perpetual futures trading, capturing 70% market share in its sector.
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HYPE token has gained over 500% since its airdrop in November 2024. Total Value Locked (TVL) has dropped to $1.27 billion, but trading volumes continue to rise.
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Hyperliquid is nearing a $1 trillion milestone in cumulative trading volume.
Since its launch in 2024, Hyperliquid has positioned itself as a premier venue for perpetual futures trading, a derivative product that allows traders to speculate on asset prices without expiration. The blockchain’s efficiency and cost-effectiveness have made it an attractive alternative to Ethereum, especially for traders seeking seamless order execution and minimal fees.
Read more: A Beginner's Guide to Hyperliquid (HYPE) Decentralized Perpetual Exchange
Hyperliquid’s Market Share Surges to 70%
Hyperliquid’s daily transaction volume has nearly doubled since the start of the year, reaching $470 million as of early February 2025. The blockchain has also gained 70% market share in perpetual futures trading, surpassing competitors like GMX and dYdX. Its trading infrastructure, which rivals that of centralized exchanges, has contributed to this rapid growth.
Read more: dYdX: A Beginner's Guide to the Decentralized Exchange
Hyperliquid’s TVL and trading volume | Source: DefiLlama
Additionally, Hyperliquid’s total cumulative trading volume is approaching a historic $1 trillion milestone, following a record-breaking $366 billion in monthly trading volume in January 2025. This puts Hyperliquid ahead of other decentralized exchanges, including Jupiter, dYdX, and SynFuture.
Read more: What Is Jupiter DEX Aggregator on Solana and How to Use it?
Hyperliquid vs. Ethereum Ecosystem
Hyperliquid vs. dYdX | Source: DefiLlama
While Ethereum remains the dominant layer-1 blockchain, it has faced significant revenue declines due to the March 2024 Dencun upgrade, which cut transaction fees by approximately 95%. Lower fees have led to reduced network revenues, with Ethereum struggling to maintain previous profit levels. Other blockchain networks, such as Solana, have also begun outpacing Ethereum in decentralized exchange trading volume.
Ethereum still leads in daily volume, recording $4.7 billion compared to Hyperliquid’s $470 million. However, Hyperliquid’s rapid growth trajectory suggests that it may continue capturing market share from Ethereum and other layer-1 competitors.
Read more: Top Decentralized Exchanges (DEXs) in the Solana Ecosystem
HYPE Token’s Performance and Price Outlook
HYPE price | Source: KuCoin
Hyperliquid’s native token, HYPE, has experienced a meteoric rise since its November 2024 airdrop. As of February 2025, HYPE has surged by nearly 150%, reaching a fully diluted valuation of approximately $25 billion.
Despite a recent decline in TVL to $1.27 billion, HYPE’s price has shown resilience, rebounding 10% to reclaim $25. Analysts predict that the token could rally towards $35, supported by strong buying pressure and technical indicators signaling an uptrend. Chaikin Money Flow (CMF) analysis suggests that accumulation is increasing, potentially pushing HYPE to new highs.
However, risks remain. If selling pressure intensifies, HYPE’s price could dip to $19, with a worst-case scenario seeing it drop to $15.11. Market watchers will be closely monitoring whether HYPE can break above key resistance levels at $28.42 and $35.46 to mark a new all-time high.
Read more: The Rise of HYPE: Hyperliquid Surpasses Ethereum in 7-Day Revenue Figures
What’s Next for Hyperliquid?
One of Hyperliquid’s next major milestones is the launch of its Ethereum Virtual Machine (EVM) smart contract platform, expected later in 2025. This upgrade is seen as essential for diversifying its revenue streams and expanding its ecosystem beyond derivatives trading.
According to VanEck, the ability to attract a developer community and build a broader DeFi ecosystem will be critical in sustaining Hyperliquid’s growth and justifying its lofty valuation. If successful, this expansion could solidify Hyperliquid’s position as a leading blockchain network in the long term.
Conclusion
Hyperliquid’s explosive growth in derivatives trading and its ability to surpass Ethereum in weekly revenues highlight its potential as a disruptive force in the crypto market. With a rapidly expanding user base, record-breaking trading volumes, and a promising roadmap ahead, Hyperliquid and its HYPE token remain key assets to watch in 2025. However, maintaining its momentum will require continued innovation, ecosystem expansion, and resilience against market volatility.
