Hyperliquid Surpasses 1.4 Million Users in 2025 Amid Product Innovation and Organic Growth

Hyperliquid grew its user base from 300,000 in 2024 to 1.4 million by the end of 2025, driven by product innovations like HyperEVM and permissionless perpetual markets according to Yahoo Finance.

The platform achieved a 24-hour trading volume of $32 billion and open interest of $16 billion by year-end, marking all-time highs.

Growth was organic, with no external funding, and protocol fees were redistributed to the community, fueling a self-sustaining cycle.

Hyperliquid’s growth in 2025 reflects its success in offering a decentralized and efficient trading infrastructure. The platform expanded its user base through product launches like HyperEVM, which gave developers direct access.

Additionally, permissionless perpetual markets and USDH governance markets contributed to the platform's appeal.

The platform’s strong performance was supported by a 93% fee-sharing model, which redistributed revenue to liquidity providers, while a 7% fee buyback created deflationary pressure for HYPE token holders.

Despite this, the platform faces challenges including stablecoin regulation risks and governance delays, which could impact its long-term growth.

What factors contributed to Hyperliquid’s growth in 2025?

Hyperliquid’s growth was driven by a combination of product innovation and a strong fee-redistribution model. The introduction of HyperEVM and cross-chain bridging enhanced the platform's usability.

Additionally, the platform’s governance is decentralized and transparent, with no private investors, which aligns with broader trends.

The platform also expanded its economic model by introducing permissionless perpetual markets and USDH governance markets, which allowed for greater participation.

These features contributed to the platform’s ability to scale organically, without the need for external funding.

What are the risks and challenges facing Hyperliquid in 2026?

Despite its success, Hyperliquid faces several risks that could impact its growth in 2026. One key challenge is the evolving regulatory landscape, particularly around stablecoin regulation.

The U.S. Senate is expected to hold markup hearings on market structure legislation, which could impact the role of stablecoins.

Additionally, governance delays could slow down the platform’s ability to adapt to market changes and implement new features.

The platform must also navigate competition in the decentralized perpetuals market, where other projects are vying for market share.

What is the role of HYPE token in the Hyperliquid ecosystem?

The HYPE token plays a central role in the Hyperliquid ecosystem. Fee discounts and deployment rights are tied to staking HYPE, which incentivizes token holders.

Additionally, the platform’s assistance fund regularly burns HYPE tokens, reducing the circulating supply.

In 2025, the HYPE token captured 69% of the market share among perpetual traders, indicating a strong preference.

This growth was further supported by Hyperion DeFi’s strategic initiatives, including the launch of HiHYPE, a liquid staking token, and partnerships like HAUS with Credo.

The CEO of Hyperion DeFi emphasized the importance of aligning with Hyperliquid’s growth and leveraging token burns.

These efforts have positioned Hyperliquid as a foundational infrastructure platform for trading and on-chain price discovery, especially as real-world assets move into the digital space.