Hyperliquid Turns $1.26 Trillion in Trading Volume Into $276M in Revenue

• Hyperliquid converted $1.26 trillion in volume into $275.8 million in passive revenue.
• June led the period with $81.6 million in fees and $57.9 million in passive revenue.
• Gross fee take fell 15.8% from February to July as monetization efficiency weakened.

Hyperliquid processed about $1.26 trillion in trading volume from February through July 27, converting that activity into $381.5 million in gross fees. During the same period, the on-chain exchange generated $307.1 million in gross profit and $275.8 million in passive revenue, according to Artemis data.

Together, those figures illustrate how trading activity translated into protocol value, even as the amount collected from each dollar of volume gradually declined. Hyperliquid maintained an 80.5% gross-profit margin on fees, while passive revenue accounted for almost 90% of gross profit.

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