Hyperliquid; a decentralized perpetuals-focused exchange on its own L1 chain has shown impressive growth and has surpassed Coinbase in certain metrics—particularly notional trading volume—the company’s actual revenue figures tell a different story. Hyperliquid (protocol fees/revenue, per DefiLlama and Artemis): Annualized around $999 million to $1.11 billion recently, with 2025 totals in the $800–$844 million range.
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