Hyperliquid generates $713M in revenue over past year

The self-funded perpetuals exchange is leaning on trading fees today while founder Jeff Yan eyes tokenized assets for tomorrow Hyperliquid pulled in approximately $713 million in revenue over the last twelve months, as of early November 2026. That is a striking number for a decentralized exchange that never took a dollar of outside venture money. Founder Jeff Yan already has his eye on what comes next: tokenized assets. Yan has framed tokenized real-world assets as a potential opportunity. He has singled out high-quality markets, particularly large-cap equities, as the place to look. Hyperliquid is a decentralized perpetual futures exchange.