On-chain derivatives venue Hyperliquid has crossed roughly $1.57 trillion in perpetual futures trading volume over the past 12 months, according to multiple blockchain-analytics firms. The platform generated about $56 million in revenue in June, lifting cumulative revenue since launch to around $300 million. Trading activity accelerated this month, with June volume already at $208 billion—exceeding the combined total of rival on-chain perpetual exchanges. One address booked $22.38 million in profit within 24 hours and now holds an estimated $473 million, underscoring the size of positions moving through the venue. The surge intensifies competitive pressure on centralized brokers such as Robinhood, which has been expanding its crypto offerings as on-chain venues gain market share.