The decentralized exchange Hyperliquid surpassed Tether with an average revenue of $102.4 million per person, becoming the most profitable company globally on a per capita basis, with an estimated annual income of $1.127 billion for its team of 11 people.

Founder Jeff Yan comes from an academic competition background, having won a gold medal at the International Physics Olympiad, and worked at the high-frequency trading firm HRT, before founding the cryptocurrency market-making company Chameleon Trading.
Hyperliquid was established in 2022 after the FTX collapse, aiming to create a fully on-chain high-performance perpetual contract exchange that balances decentralization and user experience, with a theoretical processing capacity of 200,000 transactions per second.
The project is entirely self-funded, rejecting venture capital, and insists on community-led ownership, achieving user co-construction through token airdrop distribution.
The technical architecture adopts a self-developed Layer-1 blockchain to achieve on-chain order book matching, and designs an HLP hybrid liquidity pool to provide liquidity, ensuring transparency and fairness.
The platform's daily trading volume peaked at 29 billion USD, capturing over 80% of the on-chain derivatives market, and is referred to by the community as "the on-chain Binance."