Hyperliquid generates $12.8M in weekly revenue

Hyperliquid (CRYPTO:HYPE), a layer-1 blockchain network focused on derivatives trading, has surpassed Ethereum (CRYPTO:ETH) in seven-day revenue, according to data from DefiLlama.

The network recorded $12.8 million in protocol revenues as of February 3, compared to Ethereum's $11.5 million during the same period.

This shift highlights Hyperliquid's growing role as a platform for perpetual futures trading, which allows users to buy or sell assets without expiration dates.

Ethereum’s revenue decline has been attributed to its March 2024 Dencun upgrade, which reduced transaction fees by 95%.

“There wasn’t enough volume to make up for the fee decline,” noted Matthew Sigel, VanEck’s head of digital asset research, previously.

Hyperliquid’s daily transaction volume has nearly doubled since the start of 2025, reaching $470 million as of February 3.

While this remains lower than Ethereum’s $4.7 billion daily volume, Hyperliquid’s rapid growth reflects its appeal among traders seeking faster settlements and lower fees.

The network has also captured 70% of the perpetual futures market share, surpassing competitors like GMX (CRYPTO:GMX) and dYdX (CRYPTO:DYDX).

Its HYPE token, launched in November 2024 via an airdrop, has gained over 500%, with a fully diluted valuation of approximately $25 billion.

However, challenges remain for Hyperliquid as its smart contract platform has yet to attract a significant developer community.

VanEck highlighted that the network’s planned launch of an Ethereum Virtual Machine-compatible platform in 2025 will be crucial for diversifying its revenue streams and meeting growth expectations.

“If Hyperliquid is unable to meet the growth expectations of its community, the prisoner’s dilemma facing many newly rich $HYPE holders may quickly unravel,” VanEck warned in a January report.

At the time of reporting, the Hyperliquid (HYPE) price was $25.12.