Hyperliquid 2025 Report Card: 1.4 million users, 6 billion TVL. Why did this Perp DEX suddenly explode?

Hyperliquid has officially released its 2025 annual review, and the results are quite impressive. User count has surpassed 1.4 million, TVL reached $6 billion, the highest single-day trading volume was $32 billion, open interest contracts stood at $16 billion, and the protocol’s single-day revenue peaked at $20 million. Behind these numbers is a rapidly emerging decentralized derivatives trading ecosystem in active operation.

2025, the Year of Hyperliquid’s Explosion

Growth story behind the data

Key milestones for Hyperliquid in 2025 include the launch of HyperEVM, the opening of validator mechanisms, native USDC integration, and the release of HIP-3. These technological upgrades have brought substantial growth to the platform:

Market position is established, competitiveness is evident

According to the latest data, Hyperliquid has firmly secured the top spot in the Perp DEX (perpetual contracts DEX) sector. Despite relatively light weekend trading, Hyperliquid’s 24-hour trading volume still reached $3.09 billion, TVL about $4.18 billion, and open interest contracts at $7.77 billion. Compared to other platforms:

• Lighter: daily trading volume $2.87 billion, TVL $1.27 billion
• Aster: daily trading volume $2.5 billion, TVL $1.24 billion
• Variational: daily trading volume $1.53 billion, TVL $6.618 million

In terms of scale, Hyperliquid’s trading volume and TVL are over 1.5 times those of the second place, making this lead quite solid.

Active Ecosystem, Not Just Many Users

Whales and traders are making money here

Numbers only show the surface; what truly matters is the activity within the ecosystem. According to on-chain monitoring, traders on Hyperliquid are genuinely profitable:

• A trader used one week to long KPEPE, with account net worth growing from $58,700 to $489,900, a 734% return
• A whale marked as “pension-usdt.eth” made about $1 million profit in the past 30 days, with total profits since October exceeding $21 million
• The “PEPE largest long” whale has an unrealized profit of $2.05 million on a single token

These are not isolated cases. There are also entrepreneurs on the platform achieving $200,000 revenue within two weeks and a $500 million valuation. Genuine trading activity and real profit flows are signs of a healthy ecosystem.

Unique business model

Hyperliquid emphasizes that the platform has no external funding; all protocol fees belong to the community. This means:

• Fees generated from user trades do not flow to VCs but to the community
• Platform growth is entirely driven by the internal ecosystem
• Participants have real economic incentives

This model is relatively rare in DeFi and is one of the reasons Hyperliquid can attract a large number of active traders.

The 2026 Suspense

Can growth continue?

From 2025’s performance, Hyperliquid has proven its market appeal. But in 2026, the challenges include:

• Will user growth maintain this pace?
• Will market competition intensify (other Perp DEXs are also rapidly developing)?
• Can HyperEVM become a new growth engine?

According to the latest news, the community is discussing an airdrop plan for HyperEVM, which could be the next growth point. If the airdrop scale is attractive enough, it may further expand the platform’s user base.

Summary

Hyperliquid’s 2025 performance report demonstrates a phenomenon: in the DeFi derivatives sector, users value genuine trading depth, stable platform experience, and fair business models over flashy marketing. With 1.4 million users, $6 billion TVL, and $32 billion daily trading volume, all these numbers point to the same conclusion—Hyperliquid has grown from an emerging platform into a leader in the Perp DEX space.

The key is that this leadership has been achieved through real ecosystem activity, not inflated funding or marketing hype. It signals to the market: in the crypto derivatives field, strength speaks for itself. In 2026, it’s worth continuing to watch whether this platform can consolidate its advantages.