Hyperliquid User Base Jumps to 1.4 Million in 2025 Milestone

Hyperliquid closed 2025 with record user growth, trading volume expansion, and protocol milestones, reflecting rapid ecosystem maturity.

Hyperliquid closed 2025 with a major public milestone, as its user base reached 1.4 million globally. Meanwhile, this was a sharp increase from almost 300,000 users registered in 2024. Additionally, the decentralized exchange showed increasing traction among traders, builders, and regional communities all over the world.

Hyperliquid Records Strong Growth Across Trading and Liquidity Metrics

According to the data collected by the platform, the trading activity grew alongside the growth in the number of users in 2025. Notably, during sessions of high trading activity, daily trading volume reached $32 billion. Moreover, the open interest on Hyperliquid was $16 billion; value locked was $6 billion.

Hyperliquid today looks very different from Hyperliquid a year ago. This time last year, the HyperEVM hadn’t even launched, and there were only a handful of early believers building exclusively on Hyperliquid. Now, there are hundreds of teams building, dozens of regional… pic.twitter.com/Yb9Gv6yGTk

— Hyperliquid (@HyperliquidX) January 6, 2026

In a post shared on X, Hyperliquid shared several record numbers during 2025. Furthermore, the protocol’s 24h revenue highs reached close to $20 million, up from $3.5 million during 2024. This way, these gains reflected increasing demand in both the perpetual and spot markets.

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Market data revealed that HYPE was trading around $26.80 at year’s end. Meanwhile, 24h volatility was close to 2.3 percent with a market cap of roughly $6.34 billion. Additionally, 24h trading volume averaged at about $293.86 million, which is indicative of sustained liquidity depth.

This time last year, the Hyperliquid ecosystem was much smaller by comparison. At that stage, the HyperEVM was not launched, and there were very few early teams that were building exclusively on the protocol. Therefore, there was still limited development momentum in the early half of 2024.

Ecosystem Expansion Driven by Permissionless Design and Community Focus

By late 2025, there were hundreds of teams busily building on top of Hyperliquid. In addition, dozens of area communities held events locally to support adoption and education. Importantly, this expansion was achieved by the platform without any outside funding or venture capital.

Hyperliquid said that all protocol fees were returned to the community. As such, this increased the credibility of its expressed commitment to market infrastructure that is fair, permissionless, and transparent. The protocol emphasized reforming entrenched and predatory financial practices through decentralization of design choices.

Several significant product and technical releases supported this growth throughout 2025. These included HyperEVM launch with HyperCore composability with precompiles and CoreWriter. Additionally, spot assets were bridged by Unit, making it possible to attain wider access to assets.

Further updates encompassed fully permissionless validator set and native staking utilities. Traders got discounts on fees, and builders obtained permissionless HyperCore-deployment capabilities. Moreover, permissionless spot quote assets and Hypurr NFTs increased ecosystem experimentation.

Governance activity also moved forward with the USDH vote and launch by Native Markets. Additionally, HIP-3 provided permissionless perpetual deployments, and USDC native integration provided settlement efficiency. Portfolio margin began pre-alpha testing during the year

Comparative data highlighted extreme year-over-year growth. Daily volume increased to $32 billion from the prior 2024 $15 billion. Open interest rose to $16 billion, up from $4 billion before. TVL had to go from $2 to $6 billion. Users grew from 300,000 to 1.4 million.

Hyperliquid remodeled the conclusion of 2025 thankful builders, users, and supporters for advancing its long-term vision. The platform made an optimistic statement about the further growth of the ecosystem till 2026.