Hyperliquid dominates in DeFi perps: 106 million in August and 70% market share, the overtaking that reshapes the market

Record numbers in DeFi perpetual futures: Hyperliquid closes August 2023 with 106 million dollars in revenue and a share nearing 70%, according to data from DeFiLlama and CryptoNews (updated as of 09/02/2025).

The findings are also consistent with observations from industry reports on DeFi dynamics by Chainalysis. In this context, the trend is clear: accelerating volumes, reduced operational frictions, and a gasless L1 architecture supporting adoption.

According to data collected by our on-chain analysis team, between July and August 2023 there was a marked increase in the number of aggressive orders and an increase in the depth of the book on major pairs.

Market analysts we collaborate with also report a reduction in average slippage during high volatility windows compared to previous months, a factor that has contributed to convincing professional operators to shift trading shares towards non-custodial solutions.

The Numbers, in Brief

The main metrics reported in the public dashboards outline a picture of rapid consolidation:

| Hyperliquid Revenue | $106,000,000 | August 2023 | DeFiLlama (consultation 09/02/2025) |
| Hyperliquid DeFi Perps Share | ~70% | August 2023 | DeFiLlama (consultation 09/02/2025) |
| Monthly DeFi Perps Volume | > $383 billion | August 2023 | DeFiLlama (consultation 09/02/2025) |
| Annualized Revenue (run-rate) | > $1.25 billion | Estimate based on August 2023 | Analysis based on DeFiLlama data |
| Hyperliquid TVL | Growing m/m | Summer 2023 | DeFiLlama (consultation 09/02/2025) |

Why Hyperliquid is Ahead in DeFi Perpetual Futures

The competitive advantage has been formed by the alignment of three elements: user experience, on-chain transparency, and performance. It should be noted that this combination has facilitated a shift of volumes from centralized exchanges to a non-custodial environment with low latency, preserving on-chain traceability.

Quick Definitions

• L1: layer-1, the main blockchain where transaction settlement occurs.
• Perps: perpetual futures, derivative contracts without expiration with a funding mechanism.
• TVL: Total Value Locked, value of assets locked in protocols.

Technology: L1 without gas and on-chain order book

The proprietary blockchain of Hyperliquid, called HyperEVM, adopts a gasless model for the user, which reduces the typical friction of DEX and brings the operation closer to that of traditional exchanges.

• Gas-free orders: sending and execution without fees charged to the end user.
• Order book on-chain: native auditability and transparency of matching.
• Performance comparable to centralized solutions, with distributed security.

The result is a decrease in transaction costs, greater liquidity, and a positive feedback loop between market makers and active users.

An interesting aspect is that the infrastructure design favors operational continuity even during phases of high volatility, as reported in the official documentation and discussed in our technical deep dive.

From Niche to Dominance: The Timeline and Effects

In the past year, the progression has been marked by recognizable phases. Initially, the arrival of market makers with high-frequency strategies gave momentum to the platform.

Subsequently, the integration with institutional custody solutions and the expansion of listed markets consolidated the positioning. Finally, the surge in volumes during peaks of volatility tested the infrastructure without significant impacts on execution times.

This path has strengthened the confidence of professional traders, resulting in greater order book depth and contained slippage. In this context, network effects tend to be self-reinforcing, as highlighted in this report.

Operations and Automation: the “Lean” Model

The organization focuses on smart contract automation for functions such as reconciliation, settlement, and controls, reducing reliance on traditional operational processes.

• Hyperliquid: small team, automated processes, and institutional-scale volumes.
• Legacy companies: large structures and high fixed costs that require significant resources to manage similar flows.

The combined effect is a more favorable cost/revenue ratio and sustainable growth without a proportional increase in staff, as explored in our comparison between fintech and DeFi.

Risks and Concentration: Aspects to Keep an Eye On

• Regulation: the attention of authorities increases with the scale of the protocol, and possible interventions could influence the listing, institutional access, and the use of stablecoins.
• Technological risk: reliance on a single L1 and the stability of funding and liquidation mechanisms remain critical factors.
• Concentration: a share close to 70% can strengthen network effects, but also involves systemic risks in case of potential disruptions.

Partnership and Prospects

The integrations with custody solutions and support for native stablecoin have facilitated access for professional operators.

Looking ahead, the expansion towards tokenized assets and greater integration with the fintech sector could extend the scope beyond just perpetual futures, as anticipated in the latest industry developments discussed in this article.

Market Implications

The trajectory of Hyperliquid highlights an upward trend: the shift of liquidity towards DeFi infrastructures that offer reduced costs, verifiable on-chain transparency, and a smoother user experience.

If the gasless model and on-chain order book continue to support demand spikes, the boundary between CEX and DEX will tend to become more blurred.

Conclusion

With 106 million in revenue in August 2023 and a share of about 70% in DeFi perpetual futures, Hyperliquid consolidates as a leader thanks to automated processes, transparency, and high efficiency.

The data indicates a mature sector, with monthly volumes over 383 billion and an annualized run-rate exceeding $1.25 billion. However, the issue of regulatory risks and concentration remains, factors that could impact the market balance in the coming months.

Editorial Note: To enhance the accuracy of the analysis, it would be desirable to obtain an official statement from Hyperliquid regarding the revenue model and further methodological details from DeFiLlama. As of now (consultation 09/02/2025), there are no publicly verifiable citations available on the matter.