Decentralised derivatives platform Hyperliquid processed about $1.57 trillion in perpetual futures volume during the 12 months to 30 June, according to data compiled by The Block and other analytics firms. The activity generated roughly $300 million in cumulative revenue, with June alone contributing $208 billion in volume, more than the combined total of other on-chain perpetual exchanges. The platform’s dominance has translated into fee income that now rivals the largest smart-contract networks. On 7 July Hyperliquid booked $1.7 million in transaction fees over 24 hours, outstripping Ethereum, Solana and Bitcoin for the day, figures from blockchain tracker Artemis show. Analysts estimate the exchange controls roughly 70 percent of on-chain perpetual trading, underscoring growing demand for decentralised derivatives venues.