For the third month in a row, Hyperliquid surpassed Robinhood in trading volume, with July seeing the largest difference at 39.1%.
According to DefiLlama, the decentralized derivatives exchange reported $330.8 billion in combined spot and perpetual volume in July, while Robinhood managed $237.8 billion across all its offerings.
Robinhood’s total for July consisted of $209.1 billion from equities, $195.8 million from options, and $28.7 billion from crypto, per its Aug. 13 attestation.
This $93 billion edge for Hyperliquid marks its best monthly performance against Robinhood since it started its upward trend.
Data shared by Jon Ma from Artemis illustrates that Hyperliquid traded $256 billion in May compared to Robinhood’s $192 billion, followed by June figures of $231 billion versus $193 billion.
Additionally, as of Aug. 25, Hyperliquid is approaching $2 trillion in year-to-date cumulative volume from spot and perpetual trades.
The protocol has been gaining traction since June, when it tallied $226.4 billion, jumping to $330.8 billion in July. By Aug. 25, Hyperliquid had already exceeded $349 billion in monthly trading volume across both categories.
Maximum efficiency
This continual outperformance positions Hyperliquid as a formidable player in crypto derivatives trading, even with minimal staffing.
CEO Jeff Yan confirmed that the exchange operates with just 11 core team members, generating an estimated annual revenue of $1.167 billion as of Aug. 20, according to DefiLlama.
The platform attained $106 million in revenue per employee as of Aug. 20, outpacing technology giants and previous record holder Tether Limited, which had $93 million per employee.
Research from Hyperliquid France ranks OnlyFans third at $37.6 million, while established tech companies follow with Nvidia at $3.6 million, Apple at $2.4 million, and Meta at $2.2 million per employee.
This dominance in trading volume coincides with the increasing adoption of crypto derivatives by institutions, allowing Hyperliquid to capture market share from centralized exchanges and traditional trading venues.
Hyperliquid’s ongoing volume leadership over Robinhood highlights the competitive edge of decentralized finance protocols in the face of established financial technology companies.
This holds especially true for crypto-native trading products, where traditional platforms encounter regulatory and operational limitations that restrict their market capabilities.
