Report: Hyperliquid's perpetual contract trading volume will reach $2.9 trillion in 2025.

CoinFeed reported on June 8th that a recent report by Grayscale Research, "Hyperliquid Breaks the Mold," shows that the decentralized exchange Hyperliquid processed approximately $2.9 trillion in perpetual contract trading volume in 2025, with a current open interest (OI) of approximately $7 billion, making it the third or fourth largest crypto perpetual contract exchange globally. The report points out that Hyperliquid achieves a trading experience close to that of centralized exchanges through its on-chain order book architecture, while retaining on-chain transparency and user self-custody features. In 2025, the platform's revenue is estimated at approximately $800 million, accounting for about 2% of the global crypto perpetual contract market revenue, but it has already become one of the most successful applications in the DeFi space.