Hyperliquid has cleared $1.76T in cumulative trading volume across 510K+ addresses.
→ Total bridged TVL is $3.56B, with inflows accelerating through 2025.
→ Volume levels now rival the largest centralized exchanges and have cannibalized the broader perps market. 
→ In May 2025, Hyperliquid processed $248B in trading volume.
Annualized (30D), that’s $2.92T in volume a significant share of global crypto trading activity.
→ Its market share in perps DEX volume has crossed 70%, up from near-zero in early 2024.
Hyperliquid has generated $305.9M in cumulative revenue since Dec 2024, with $51.6M so far in June and $65.5M in May.

→At current run rates, it is the highest revenue-generating protocol, surpassed only by stablecoin issuers like Tether and Circle.

Full Hyperliquid Dune dashboard here for volume, market share and revenue onchain data:
https://dune.com/sealaunch/hyperliquid