Key Notes
- Hyperliquid generated a reported $713 million in revenue over the past 12 months.
- Jeff Yan sees potential in tokenized assets, with no confirmed launch date or product list.
- ICE and Trade[XYZ] are pursuing US perpetual markets that still require regulatory approvals.
Hyperliquid generated $713 million in revenue over the past 12 months, according to a new Bloomberg profile of co-founder Jeff Yan. The trading network’s next opportunity could extend beyond crypto derivatives into tokenized real-world assets, although Yan’s interest does not amount to a product launch.
In the interview, Yan described Hyperliquid as infrastructure on which other businesses can build financial markets. A public interview summary says he is interested in trading high-quality tokenized assets, potentially including shares of large companies, with outside builders determining what gets launched.
What the $713 Million Figure Measures
The reported number describes revenue over a rolling 12-month period, rather than profit after expenses. It is not a calendar-year total.
It also differs from CoinScreamer’s earlier revenue analysis, which examined about $1.4 billion in cumulative ecosystem revenue in Castle Labs research. Different time periods and revenue definitions mean the two numbers cannot establish a fall in annual revenue.
Tokenized Assets Differ From Stock-Linked Futures
Hyperliquid already supports markets referencing traditional assets through HIP-3. Its protocol documentation explains that independent deployers define contracts, choose price feeds and set leverage limits while using HyperCore’s order books and margin infrastructure.
Those responsibilities matter because a perpetual contract referencing a stock is a derivative. It provides exposure to price changes rather than ownership of the underlying shares. A tokenized security would require clarity about the issuer, custody, redemption and investor rights.
Yan’s comments identify a possible expansion area. They do not establish a launch date, a confirmed list of tokenized securities or approval to offer such products in the United States.
The US Route Still Runs Through Regulated Operators
The strategy follows Yan’s earlier argument that businesses operating markets on Hyperliquid should meet local requirements. CoinScreamer covered that regulatory approach in October.
A separate development gives that model a concrete test. On October 29, Intercontinental Exchange announced an agreement with Trade[XYZ] to pursue a dedicated US retail market and clearing structure built on Hyperliquid. ICE said it would operate the regulated markets and make a minority investment in Trade[XYZ].
As our ICE partnership coverage explained, the plan remains subject to regulatory approvals, including those needed for leveraged trading. The investment is in Trade[XYZ], and does not itself represent US authorization for Hyperliquid or a purchase of HYPE tokens.
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