Hyperliquid generated around $713 million in revenue over the past 12 months without raising capital from VC funds.
Most of its revenue comes from perpetual futures trading fees.
A few notable figures:
- Monthly revenue ranged from around $38–74 million.
- The past 30 days generated around $65–74 million.
- Founder Jeff Yan sees RWA tokenization as the next growth area.
What stands out is not just the scale of the revenue, but a growth model driven by real user activity rather than reliance on external investment.
However, high revenue does not automatically mean the token is fairly valued. Costs, revenue distribution mechanisms, and the ability to sustain trading volume also need to be considered.
Do you evaluate a DeFi project based on TVL, revenue, or its ability to generate sustainable cash flow?
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