Hyperliquid Captures 69% of Perp DEX Traders Amid Rapid Growth and Institutional Moves

• Hyperliquid now controls approximately +69% of daily active users trading perpetual futures on decentralized exchanges (DEXes), driven by speed, low spreads, and familiar tools according to Yahoo Finance.
• The platform's user base grew from 300,000 in 2024 to 1.4 million in 2025, aided by product innovations like HyperEVM and CoreWriter as reported.
• Grayscale has registered statutory trusts in Delaware for BNB and HYPE, signaling potential ETF launches, marking a strategic shift for the HYPE token according to Yahoo Finance.

Hyperliquid's dominance in the perpetual DEX market has surged, with the platform capturing around +69% of daily active users trading perpetual futures on DEXes. This growth is attributed to the platform's competitive advantages, including fast execution speeds, tight spreads, and a user-friendly interface that mimics traditional trading experiences as detailed.

The rise of Hyperliquid is part of a broader shift in the DeFi landscape. From 300,000 users in 2024 to 1.4 million by 2025, the platform's growth was driven by product launches such as the HyperEVM and CoreWriter. These tools allowed developers to build directly on HyperCore, enhancing composability on the trading layer. Additionally, staking HYPE provided utility, such as fee discounts and governance rights, further fueling engagement according to Yahoo Finance.

Grayscale's recent move to register statutory trusts for BNB and Hyperliquid is another indicator of growing institutional interest. The registration, under Delaware law, is a precursor to potential ETF filings with the SEC. This aligns with broader regulatory clarity in 2025, which has supported institutional inflows into crypto according to Yahoo Finance.

How Did Hyperliquid Achieve Such High Market Share?

Hyperliquid's success is rooted in several strategic advantages. The platform's centralized limit order book (CLOB) design, similar to traditional exchanges, has attracted a wide range of traders, from retail to high-frequency participants as noted. Low trading fees and deep liquidity pools further enhance the platform's appeal, reducing slippage and execution costs according to Phemex.

Innovation in protocol design has also contributed to its dominance. Hyperliquid's airdrop in November 2024 brought in hundreds of thousands of new users, accelerating network effects. Additionally, the platform's HyperEVM and HIP proposals have enabled ecosystem expansion and improved capital efficiency for users according to Phemex.

What Are the Risks and Limitations for Hyperliquid?

Despite its success, Hyperliquid faces several challenges. Upcoming token unlocks could create sell pressure, potentially impacting the HYPE token's price. The platform also operates in a regulatory gray area, with potential scrutiny from U.S. and global authorities on its decentralized governance model according to Phemex.

Moreover, the platform's rapid growth has not been funded by venture capital, meaning it relies on reinvesting protocol fees and community-driven development. This could limit its ability to scale quickly compared to well-capitalized rivals as reported.

Whale activity on Hyperliquid has also drawn attention, with large positions exceeding $6.4 billion and a slight bearish tilt in short positions. These positions may amplify market volatility during sharp price swings according to AInvest.

What Does the Future Hold for Hyperliquid?

Hyperliquid's co-founder, Jeff Yan, envisions the platform as the "AWS of finance," providing infrastructure for broader DeFi applications. The platform's recent focus on expanding its ecosystem through HyperEVM and HIP proposals aligns with this vision according to PressBee.

Institutional adoption may also accelerate with Grayscale's potential ETF launch. The move could bring new liquidity and legitimacy to the HYPE token, potentially increasing its price and market capitalization as reported.

Overall, Hyperliquid's growth in 2025 has reshaped the decentralized derivatives market, capturing a significant share of DEX volume and user activity. While challenges remain, its combination of innovation, user experience, and institutional interest positions it as a key player in the evolving crypto landscape according to Yahoo Finance.