Hyperliquid Emerges as Crypto “Killer App” With Explosive Growth

Hyperliquid (HYPE) is taking the market by storm as its monthly revenue surpasses $110 million, with perpetual trading volume hitting $2.5 trillion.

Dubbed crypto’s new “killer app,” the platform opens up explosive growth opportunities while raising questions about risks and sustainability.

Hyperliquid Surges

In the past 30 days, Hyperliquid’s revenue exceeded $110 million, bringing its cumulative revenue to nearly $661 million. This is a rare growth trajectory for a non-custodial perp DEX. Data from DefiLlama shows that the protocol’s fee generation continues to rise steadily despite the market’s “slow summer.”

According to DefiLlama, in August alone, Hyperliquid’s revenue and fees reached $106 million and $114 million, respectively. These numbers were higher than July’s $86 million and $93 million. In July, Hyperliquid accounted for as much as 35% of the total revenue across the blockchain sector.

Beyond revenue and fees, Hyperliquid’s perpetual volume has surpassed $2.5 trillion. In fact, according to a user on X, even during the so-called “slow summer,” the platform still recorded more than $1 trillion in trading activity.

This growth highlights a stark contrast to DEX activity on Solana. According to Will Clemente, while Solana-based DEXs have declined in activity since the memecoin frenzy earlier this year, Hyperliquid’s users and volumes have been “trending up and to the right all year pretty much.”

The Next Potential App?

Hyperliquid’s recent surge has also sparked mixed reactions. With its simple product, CEX-like experience, and ability to expand its ecosystem quickly, Hyperliquid has the potential to become crypto’s new “killer app.”

However, from another perspective, some users argue that Hyperliquid still faces structural risks such as admin control and potential downtime. In fact, Hyperliquid faced a brief frontend outage that prevented users from placing, closing, or withdrawing orders, although backend operations continued unaffected.

“If Hyperliquid goes down can users withdraw funds? (e.g., submit proofs). If Hyperliquid turned evil, can they steal user funds?” X user Ryan questioned.

Meanwhile, competition in the perp DEX race is heating up with new entrants like Lighter. With features such as order match/liquidation verification and unified yield–margining, Lighter is considered a “formidable competitor.”

Hyperliquid’s scale advantage and current user base remain dominant, especially as revenue and trading volumes maintain momentum. If the execution milestones in its roadmap are carried out, Hyperliquid has the foundation to continue shaping crypto’s next major momentum shift.

Despite this, HYPE is showing signs of retracement, currently trading at $44.63 USD. Technicals showed $50–$51 as key resistance turned support, with targets at $55, $58, and $73 if bullish momentum sustains.