According to @rovercrc, Hyperliquid is generating an annualized revenue of USD 1.13 billion with a team of 11, equal to roughly USD 102 million per employee. According to @rovercrc, this is characterized as the highest revenue per employee worldwide. According to @rovercrc’s reported figures, traders may interpret this as substantial fee throughput on Hyperliquid and use it to gauge venue activity and potential liquidity conditions when routing orders.

According to @ThinkingUSD, Hyperliquid is on pace for a $10,000,000 revenue day with a 97% net margin on August 14, 2025. According to @ThinkingUSD, the platform is using the entirety of the proceeds to buy back its token on the open market. According to @ThinkingUSD, these figures are presented as intra-day pace rather than finalized end-of-day results, and the buyback is executed via open-market purchases.

According to Flood (@ThinkingUSD), spot trading focused on HYPE tokens is generating close to $1 billion in average daily volume (ADV), with platforms earning approximately $200,000 in daily revenue at a monetization rate of 2 basis points per order (Source: Flood, Twitter, June 6, 2025). The lack of broad spot listings is resulting in a net benefit, creating a self-reinforcing trading flywheel where liquidity and trading activity continue to grow. This trend underlines the importance for traders to monitor HYPE-driven assets, as their concentrated demand and revenue generation can significantly impact market liquidity and short-term crypto price movements.

According to @ThinkingUSD on Twitter, a significant portion of revenue for crypto trading desks comes from liquidations, similar to the High Leverage Program (HLP). Many major exchanges now have specialized liquidation programs where market makers (MMs) take the opposite side of liquidated trades. However, exchanges themselves continue to profit substantially from handling liquidation flow directly. For traders, understanding the structure of these liquidation programs is crucial, as it affects liquidity, volatility, and overall trading risk. These mechanisms directly impact crypto market dynamics and should be factored into trading strategies (Source: @ThinkingUSD, May 30, 2025).

According to Milk Road, Coinbase ($COIN) disappointed Wall Street as Q1 2025 revenue fell about 13% from $2.3 billion in Q4 2024 to $2 billion, primarily due to a broad decline in crypto trading volume (source: Milk Road, May 9, 2025). Net income also dropped 95%, reflecting reduced transaction activity. These results signal waning retail and institutional crypto engagement, suggesting traders may see continued short-term pressure on crypto exchange stocks. The lower trading volume could impact liquidity and volatility across major cryptocurrencies, influencing both spot and derivatives markets.