Hyperliquid Turns $1.26 Trillion in Trading Volume Into $276M in Revenue
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Hyperliquid processed $1.26 trillion in trading volume from February through July 27, converting that into $381.5 million in gross fees, $307.1 million in gross profit and $275.8 million in passive revenue, with June alone producing $81.6 million in fees and $57.9 million in passive revenue. The on-chain exchange (DeFi DEX) maintained an 80.5% gross-profit margin and passive revenue made up ~90% of gross profit, but gross fee take fell 15.8% from February to July, signaling weakening monetization efficiency despite strong crypto adoption and revenue generation.
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- Hyperliquid converted $1.26 trillion in volume into $275.8 million in passive revenue.
- June led the period with $81.6 million in fees and $57.9 million in passive revenue.
- Gross fee take fell 15.8% from February to July as monetization efficiency weakened.
Hyperliquid processed about $1.26 trillion in trading volume from February through July 27, converting that activity into $381.5 million in gross fees. During the same period, the on-chain exchange generated $307.1 million in gross profit and $275.8 million in passive revenue, according to Artemis data.
Together, those figures illustrate how trading activity translated into protocol value, even as the amount collected from each dollar of volume gradually declined. Hyperliquid maintained an 80.5% gross-profit margin on fees, while passive revenue accounted for almost 90% of gross profit.
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