Hyperliquid, a trading platform with a team of only 11 people, recorded $330.8 billion in trading volume in July 2025, surpassing the U.S. brokerage firm Robinhood, which posted $237.8 billion. This marks the third consecutive month that Hyperliquid has led in trading volume. The platform is generating approximately $1.17 billion in annual revenue, equating to over $100 million per employee. Additionally, Hyperliquid generated $5.8 million in fees on August 26, 2025, marking its third-highest daily fee total of the year. Meanwhile, Robinhood experienced a record month in July and has seen strong performance in August, driven by increased Ethereum volumes, margin books, and new NFL contracts. Robinhood is also preparing to launch banking services in the fall and will hold an active trader summit in two weeks. Despite these developments, Robinhood and other brokers such as Interactive Brokers and SoFi faced market pressure recently.