Hyperliquid, a decentralized exchange that launched in 2023, is generating massive revenue without taking any venture capital funding.
The platform reports annualized revenue between $700 million and $1.2 billion, driven by over $4.7 trillion in cumulative trading volume for perpetual futures contracts. Its native token, HYPE, trades around $65 with a market capitalization of roughly $14 billion.
The platform's fee structure directs 99% of certain revenues toward purchasing HYPE tokens on the open market. This creates a direct link between trading activity and token demand.
Hyperliquid has recently expanded beyond crypto derivatives. It now offers event contracts and S&P 500 perpetuals, positioning itself to compete with centralized exchanges and prediction markets.
The absence of venture capital means no early investors with discounted tokens waiting to sell. The token's price is driven by buybacks, staking, and organic trading activity.