CoinDesk reported that Hyperliquid, a decentralized finance (DeFi) platform known for its perpetual futures trading and on-chain order book, boasts a performance of 200,000 orders per second. The platform generated approximately $1 billion in revenue in 2025, with cumulative trading volume reaching around $5.3 trillion as of August 2026. Its Bitcoin order book depth even surpasses that of large centralized exchanges like Binance.