Hyperliquid Breaks Record With $248B Monthly Trading Volume

• Hyperliquid Perp hit a new monthly trading volume record of $248.3 billion in May 2025, according to DeFiLlama.
• TVL doubled to $1.46 billion in May, showing growing user confidence and increasing liquidity on the platform.

May 2025 was the busiest and most striking moment for Hyperliquid. According to data from DeFiLlama, this decentralized derivatives platform managed to record the highest monthly trading volume since its launch: $248.3 billion.

This is not just a big number, it is a big step. Especially for a protocol that runs entirely on-chain, without traditional intermediaries. Moreover, they also pocketed $70.45 million in revenue just from trading fees and ticker auctions. Revenue that can even make many central exchanges jealous.

Hyperliquid Sees Surge in Locked Assets and User Activity

Behind these numbers, the community and user base also continued to increase. On May 30, the total value of locked assets (TVL) on Hyperliquid doubled in just one month, reaching $1.46 billion.

This means that more and more users are willing to lock their assets on this platform, whether for trading, staking, or simply looking for returns. If we imagine, it’s like a market that used to only have hundreds of stalls, now suddenly has thousands.

HYPE Token Soars While Its Team Pushes for Regulatory Change

The story of the HYPE token, the native coin of the Hyperliquid ecosystem, is no less hot. In the last 30 days, its value has skyrocketed 84%. What caused it? There are many. Starting from airdrop farming activities, buybacks by the community, to the dominance of Hyperliquid which is now the new king in the world of crypto derivatives.

In fact, its market cap has almost touched $13 billion, making HYPE officially enter the top 15 largest cryptos in the world. Quite surprising for a token that has not even been a year since its launch.

However, as usual in the crypto market, when one party is cheering, the other party could be in a state of confusion. On the other hand, on May 31, a seasoned trader named James Wynn had to swallow a bitter pill after his leverage strategy ended fatally. He had opened a long Bitcoin position of $1.25 billion.

As the price moved down, losses came after losses, until finally his account was only $23 left. From a giant balance, so only enough to buy lunch, his loss was more than $17 million. But surprisingly, Wynn remains optimistic and says he will “come back.” It could be a statement between belief and denial—who knows?

Furthermore, Hyperliquid is apparently not only busy building liquidity and community. They are also starting to move in the regulatory realm. On May 23, two official letters were filed with the CFTC (US Commodity Futures Trading Commission), voicing the importance of 24/7 crypto derivatives trading.

According to them, a DeFi-based approach can actually provide higher efficiency and better user protection. In short, they want regulators to not only look at risk, but also potential.