Robinhood's three-month long streak of leading in trading volume has been surpassed by Hyperliquid.
In a surprising turn of events, the high-performance decentralized exchange (DEX) known as Hyperliquid has surpassed Robinhood in monthly trading volume for the third consecutive month, as of July 2025.
According to data from DeFiLlama and Robinhood's latest attestation, Hyperliquid recorded a staggering $330.8 billion in combined spot and perpetual trading volume, leading Robinhood by 39.1%. This impressive figure marks a significant milestone for the DEX, which commands 75% of the market share for decentralized perpetual exchanges.
With a user base of 520,000, Hyperliquid may seem to have a smaller user base compared to Robinhood's 26.5 million funded accounts. However, it's essential to note that Hyperliquid is a relatively new player in the market. The company, built on its own custom layer 1 blockchain, boasts a core team of only 11 people, demonstrating its lean and agile approach.
Meanwhile, Fidelity, a traditional financial services company, achieved a revenue of $330.8 billion in the last three months of 2025, surpassing Robinhood and serving over 40 million users. This shows that the competition in the financial sector is heating up, with traditional players and decentralized platforms vying for market dominance.
The user base data shared by Artemis CEO Jon Ma underscores the growing interest in decentralized finance (DeFi) and the potential for Hyperliquid to challenge the status quo. As the DEX continues to process up to 200,000 orders per second, it's clear that Hyperliquid is a force to be reckoned with in the world of DeFi.
This information is an excerpt from the Unchained Daily newsletter, highlighting the dynamic changes in the financial industry and the rise of decentralized platforms. As we move forward, it will be interesting to see how Hyperliquid and other DeFi players continue to disrupt the traditional financial landscape.
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