This paper presents VelocityOLAP (VOLAP), a distributed real-time OLAP system for high velocity data. VOLAP makes use of dimension hierarchies, is highly scalable, and exploits both multi-core and multi-processor parallelism. In contrast to other high performance OLAP systems such as SAP HANA or IBM Netezza that rely on vertical scaling or special purpose hardware, VOLAP supports cost-efficient horizontal scaling on commodity hardware or modest cloud instances. Experiments on 20 Amazon EC2 nodes with TPCDS data show that VOLAP is capable of bulk ingesting data at over 400 thousand items per second, and processing streams of interspersed insertions and aggregate queries at a rate of approximately 50 thousand insertions and 20 thousand aggregate queries per second with a database of 1 billion items. VOLAP is designed to support applications that perform large aggregate queries, and provides similar high performance for aggregations ranging from a few items to nearly the entire database.