Can Hyperliquid achieve a hundred billion daily trading volume without financing? How does it do it?

Question

【Crypto World】The low-profile founder Jeff Yan proves what focus really means—he single-handedly, without raising a single penny, built Hyperliquid into a derivatives exchange with a daily trading volume of hundreds of millions of dollars. Startup capital? It came from his previous trading company earnings, all self-funded.

How did he do it? Custom blockchain technology combined with meticulous attention to product details, and 570,000 users voted with their feet. By the end of 2024, the native token HYPE was launched, with no fundraising and no large airdrops. By mid-2025, its market cap had approached $20 billion. Even more impressive, they directly refunded trading fees to users—setting a new standard in the DeFi space.

No hype, no hype—this model indeed prompts the industry to reflect: perhaps raising more money isn’t as effective as perfecting user experience.

SignatureAnxiety · Accepted Answer

Can you achieve a daily trading volume of 10 billion without financing? This guy is really tough, all fees returned to users, this move is brilliant.

ForkTongue · Answer

Hmm... Someone personally funded a hundred-billion-dollar exchange, this logic is a bit outrageous.

Going solo is even more impressive than a bunch of VCs throwing money around, this doesn't make sense, buddy.

Wow, the fees are even refunded to users? That really refreshes my understanding.

Anyway, no matter what, this guy is indeed tough, much more reliable than those fundraisers who boast loudly.

Wait, is this real? Not a single penny raised? I can't hold back anymore.

digital_archaeologist · Answer

Wow, this guy is really a tough person. Hand-rolling a hundred billion in transaction volume alone? This is true product-driven development. That set of fundraising strategies is really too虚虚虚.

LiquidatedAgain · Answer

It's hard to buy early knowledge... This guy really used his own capital to turn the liquidation mechanism into a positive flywheel. How did I not think of that?

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Can trading reach hundreds of billions per day without financing? How tight must the risk control points be? This is truly a model of collateral management.

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Refunds to users... Wait, isn't this another new harvesting trick? I only realized last time I was also liquidated on a certain exchange.

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Jeff Yan single-handedly made this happen. Compared to some exchanges that have gone through multiple funding rounds yet still get liquidated and complain daily, it's really ironic.

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The loan rate and liquidation price are so extreme, and being liquidated again makes me feel uncomfortable.

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So the question is, without massive financing to boost liquidity, can the liquidation algorithm really withstand extreme market conditions?

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User votes = real money not to be liquidated. This data won't lie... But I still want to see two more years of liquidation data before I speak.

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All with their own capital means no investors are controlling them. It's really rare to survive this long in the crypto world.

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Whether the margin replenishment logic is good or not depends on the loan rate. This guy clearly nailed the details. My huge losses were all because the liquidation points were too fantastical.

ContractFreelancer · Answer

Wow, someone with no funding managed to create a hundred-billion-yen trading volume? Now that's the true Web3 spirit—relying on products, not capital.

MEVHunterBearish · Answer

This guy is really incredible. He single-handedly achieved a daily trading volume of 10 billion yuan, while we're still fundraising and selling our parents and ancestors.

ser_ngmi · Answer

Earn and spend your own money, this is true focus.

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No funding, no airdrops, and still able to do this, which shows the product itself can speak.

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Some substance, this is the kind of appearance that should match CEX.

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Directly refund fees to users? That’s a brilliant move, other exchanges should learn from it.

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570,000 users voted, more convincing than any funding data.

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Never believed in funding to burn money for users, this guy proved it with results.

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Market cap approaching 20 billion, and he hasn't raised a penny, I’m stunned.

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Attention to detail—these four words are truly spot on.

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This is the kind of attitude to confront those projects that have gone through multiple funding rounds but still struggle.

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Custom blockchain plus fee refunds, a combined punch that’s really powerful.

Can Hyperliquid achieve a hundred billion daily trading volume without financing? How does it do it?

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