Hyperliquid (HYPE) em 2025: Como é que esta DEX de Perpétuos Alcançou um Volume de Negociação Explosivo e Liderou o Ecossistema?

Hyperliquid has achieved remarkable growth in 2025, driven by its unique "fully on-chain order book" and community-centric governance model. Throughout the year, the platform welcomed approximately 609,700 new users, saw a net capital inflow of $3.87 billion, and generated total revenue of about $844 million. By the end of 2025, Hyperliquid’s total value locked (TVL) had stabilized at around $4.15 billion, building a vast and vibrant on-chain financial ecosystem.

Breaking the Mold: Hyperliquid’s Core Architecture

Traditional decentralized exchanges often struggle with performance bottlenecks. Hyperliquid, however, has taken a distinctly different approach. Instead of building on existing public blockchains, it developed a dedicated blockchain from the ground up—Hyperliquid L1. This blockchain is designed to support a fully on-chain, permissionless open financial system. Its core performance metrics are impressive for any efficiency-focused trader: block latency is under one second, and the system can theoretically process over 100,000 orders per second. Every order, cancellation, trade, and liquidation is transparently executed on-chain, while still delivering speed comparable to centralized exchanges.

Feature Breakdown: High-Performance Order Book and Low-Cost Trading

Hyperliquid’s flagship product is its fully on-chain order book perpetual contract exchange (Hyperliquid DEX). Unlike DEXs that rely on automated market maker (AMM) models, Hyperliquid adopts the mature order book model found in traditional financial markets. This gives traders precise price control and access to a wide range of order types, including limit, market, and stop orders—ideal for high-frequency trading and complex strategy execution. The platform supports leverage up to 50x, allowing users to amplify returns (and risks).

When it comes to fees, Hyperliquid is renowned for its extremely low transaction costs. This low-fee structure attracts not only retail traders but also institutions and high-frequency trading firms, further enhancing market liquidity and depth.

The Heart of the Ecosystem: HYPE Tokenomics and Governance

HYPE is Hyperliquid’s native utility token, launched at the end of 2024 on major platforms like Gate. Its tokenomics strongly reflect a community-first philosophy. In the initial distribution, up to 31% of tokens were airdropped directly to early users and community members, minimizing venture capital (VC) influence. The remainder is allocated to core contributors, future incentives, and the ecosystem fund, ensuring long-term project momentum.

HYPE serves several essential functions. Holders can use it to pay trading fees at a discount, stake it to help secure the network and earn rewards, and—most importantly—participate in decentralized governance. This allows users to vote on key protocol upgrades and parameter changes, giving the community real control over the ecosystem’s future.

Growth by the Numbers: 2025 Milestones and Market Performance

2025 was the year Hyperliquid proved its market value. According to year-end operational data, the platform excelled across multiple metrics:

• Trading Volume: Total annual trading volume reached approximately $2.95 trillion, with an astonishing 198.9 billion trades executed. This cements its place among the top decentralized perpetual contract exchanges.
• User Growth: The platform attracted roughly 609,700 new users, highlighting its strong market appeal and user experience.
• Capital and Revenue: Hyperliquid achieved a net capital inflow of $3.87 billion and generated about $844 million in protocol revenue, demonstrating outstanding profitability and capital aggregation.

On the market side, as of December 29, 2025, HYPE’s spot price on Gate was about $26.065, up 0.94% in 24 hours. Its total market capitalization exceeded $6.222 billion, with a circulating supply of roughly 238 million tokens.

Gate Trading Guide: How to Join the Hyperliquid Ecosystem

For users looking to trade HYPE or explore the Hyperliquid ecosystem, Gate offers a secure and convenient gateway. Here’s a simple step-by-step guide:

• Step 1: Registration and Verification

Visit the official Gate website or download the mobile app. Complete registration and the required identity verification (KYC) to secure your account and unlock all features.

• Step 2: Deposit Assets

After logging in, go to your wallet’s "Spot Account" and locate the HYPE deposit address. You can transfer HYPE from another wallet or purchase it directly on Gate using stablecoins like USDT.

• Step 3: Start Trading

Navigate to Gate’s "Spot Trading" section and search for the HYPE/USDT trading pair to access the trading interface. Based on your market analysis, choose to buy or sell HYPE using limit or market orders.

• Step 4: Deep Engagement (Optional)

If you want to take your participation further, withdraw the HYPE you purchased on Gate to your own non-custodial wallet (such as MetaMask). Then connect to the official Hyperliquid DEX to experience on-chain perpetual trading, staking, or governance participation.

As 2025 comes to a close, Hyperliquid’s ambitions are far from limited to its current achievements. Its fully on-chain, high-performance infrastructure is paving the way for more complex financial applications—such as options, structured products, and lending markets. On Gate, HYPE’s price chart is more than just a string of numbers; it’s a direct reflection of the pulse of a rising DeFi powerhouse. Every trade represents not only a judgment of value but also a vote for the belief that "trading sovereignty belongs to the users."