Hyperliquid Grows to $6B TVL and $16B Open Interest With Zero VC Backing

Hyperliquid’s total value locked (TVL) reached $6 billion in 2025, up from $2 billion in the prior year. This marked a significant increase in capital held on the platform. At the same time, open interest rose to $16 billion, nearly quadruple the $4 billion reported a year ago. These figures highlight the platform’s growing influence in the on-chain derivatives market.

The user base also expanded significantly. Hyperliquid now serves 1.4 million users, up from 300,000 in the prior year. This growth coincided with increased activity in the crypto trading market in 2025. High trading volumes and revenue generation underscore the platform’s success. The 24-hour trading volume hit $32 billion at its peak, compared to $15 billion in 2024.

Hyperliquid’s revenue reached a high of $20 million per day in 2025, up from $3.5 million the prior year. These figures reflect the platform’s ability to scale without relying on external venture capital. Instead, all protocol fees are returned to the community, a model that distinguishes Hyperliquid from many competitors.

Why Did This Happen?

Hyperliquid’s growth was driven by several product launches and updates in 2025. One of the most significant was the rollout of HyperEVM, which expanded the platform’s smart contract and builder support. This feature allowed for more flexible and scalable development on the platform. Another key update was the introduction of native USDC integration, which improved the ease of moving stable liquidity on and off the platform.

Permissionless perpetuals deployment and early portfolio margin features also contributed to the platform’s success. These tools gave traders more flexibility while maintaining risk controls. Hyperliquid also moved toward a fully permissionless validator set, reducing reliance on a small group of operators and supporting the platform’s open-access focus.

What Are Analysts Watching Next?

Despite its rapid growth, Hyperliquid faces challenges. High volumes can increase stress during market volatility, and new features must prove stable under pressure. Analysts are watching how the platform handles these tests in 2026. If Hyperliquid continues to maintain its current trajectory, it may become a major player in the on-chain derivatives market without relying on traditional venture funding models.

Hyperliquid’s growth without venture capital is a rare case in crypto. As competition increases in the derivatives market, the platform’s ability to maintain its momentum will be closely observed. Traders and developers are watching to see if this model can continue to scale effectively.