Hyperliquid, a decentralized exchange, has claimed the top position in global revenue per employee, with each staff member generating an average of $102.4 million annually. This surpasses previous leader Tether, which reported over $90 million per employee, as well as major firms like OnlyFans, Nvidia, and Apple. According to DefiLlama data, Hyperliquid operates with a core team of just 11 members, achieving an estimated annual revenue of approximately $1.127 billion.
The achievement highlights the exceptional efficiency and scalability of Hyperliquid, founded by Jeff Yan. Unlike typical cryptocurrency startups that rely on venture funding, Hyperliquid was entirely self-funded and emphasizes community-led ownership. The platform distributes tokens directly to users through trading activities, avoiding external control by venture capitalists.
Jeff Yan, a Harvard graduate in mathematics and computer science, previously worked as a quantitative trader at Hudson River Trading (HRT). His expertise in high-frequency trading and market efficiency informed the development of Hyperliquid, which launched as a fully on-chain perpetual contract exchange in 2023. The platform processes up to 200,000 transactions per second and supports multiple markets with high leverage.
Hyperliquid’s technological architecture distinguishes it from traditional decentralized exchanges. It operates on a proprietary Layer-1 blockchain, enabling complete order book matching—including limit orders, executions, cancellations, and liquidations—on-chain with full transparency. The platform also incorporates a unique matching mechanism that prioritizes market makers to encourage tighter bid-ask spreads, benefiting traders.
Liquidity is provided through the protocol-owned HLP (Hyperliquid Liquidity Provider) pool, where users can deposit funds to participate in market-making. This design ensures fairness and transparency, as Hyperliquid does not engage in private agreements with external market makers.
The platform’s native token, HYPE, serves governance functions and offers fee reductions for stakers. In November 2024, Hyperliquid conducted one of the largest user-centric airdrops, distributing 31% of HYPE tokens to approximately 94,000 users.
Despite minimal marketing and a small team, Hyperliquid has experienced rapid growth. By June 2025, it captured about 78% of the on-chain derivatives market, with daily trading volumes exceeding $5.5 billion. In July 2025, it recorded $86.6 million in protocol revenue and $320 billion in perpetual trading volume, according to DWF Labs. On August 15, 2025, the platform reached a new milestone with $29 billion in 24-hour trading volume and $7.7 million in fees.
A report by RedStone notes that Hyperliquid now dominates over 80% of the decentralized perpetual contracts market, rivaling major centralized exchanges. This success underscores the potential of lean, focused teams in the cryptocurrency industry.
