Hyperliquid Cumulative Protocol Revenue Tops $1.4B, Perps Drive Nearly 90%

Hyperliquid's revenue mix is the real story: a single business line, perpetuals, carrying nearly all of it. That concentration cuts both ways — it reflects genuine product-market fit in a category where most DEXs struggle to monetize at all, but it also means the protocol's economics are only as durable as perps demand and the fee environment around it. What's worth watching is whether any other line — spot, or whatever comes next — starts contributing meaningfully, or whether the revenue base stays this narrow.