According to VanEck's monthly cryptocurrency report, Hyperliquid captured 35% of all blockchain revenue in July 2025, surpassing Solana, Ethereum, and BNB Chain.

The success of the decentralized derivatives platform came mainly at the expense of Solana. VanEck analysts noted that Hyperliquid has successfully attracted high-value users from Solana, taking advantage of Solana's reliability issues and delayed software updates.

Hyperliquid achieved record metrics in July, including a trading volume of $320 billion (a 47% increase from June) and an open interest of $15.3 billion (a 369% growth year-to-date). The platform now controls 75% of the market share in decentralized perpetual futures trading.

The integration of Phantom Wallet drove notable growth, generating $2.66 billion in trading volume and $1.3 million in fees just in July. Additionally, the platform attracted 20,900 new users and processed over $5.1 billion in USDC transfers.

The performance of the tokens reflects the migration of users. For example, Hyperliquid's HYPE token surged from $10 in April to an all-time high of $49.75 in July. On the other hand, Solana's SOL token experienced a 44% drop from its January peak amid the memecoin market correction.