Hyperliquid generates $713M in revenue over past year

The self-funded perpetuals exchange is leaning on trading fees today while founder Jeff Yan eyes tokenized assets for tomorrow Hyperliquid pulled in approximately $713 million in revenue over the last twelve months, as of early November 2026. That is a striking number for a decentralized exchange that never took a dollar of outside venture money. Founder Jeff Yan already has his eye on what comes next: tokenized assets. Yan has framed tokenized real-world assets as a potential opportunity. He has singled out high-quality markets, particularly large-cap equities, as the place to look. Where the money comes from Hyperliquid is a decentralized perpetual futures exchange. It runs on its own Layer-1 blockchain rather than borrowing someone else’s. Those trades generate fees, and fees are the bulk of Hyperliquid’s revenue. The ~$713 million figure comes largely from perpetual futures trading. The monthly picture has been anything but smooth. Over 2026, monthly revenue has swung between $38 million and $74 million. More recently, things have settled into a higher band. Thirty-day revenue has landed between roughly $65 million and roughly $74 million, which works out to daily averages clos...