Hyperliquid's TVL Surges 10000% to $536M in Six Months

Hyperliquid, a decentralized exchange (DEX), has experienced a remarkable surge in its Total Value Locked (TVL), reaching $536 million. This significant increase, from near zero in the fourth quarter of 2024, has positioned Hyperliquid among the top perpetual DEXs in just six months. The growth in TVL has been particularly notable in early April, following a brief slowdown in March, as fresh capital inflows pushed the TVL beyond the $500 million mark. This surge contrasts with the stagnant TVL trends observed in legacy DEXs such as dYdX and GMX, highlighting a growing user preference for Hyperliquid’s superior speed, intuitive user interface, and innovative EVM expansion.

Hyperliquid’s ascent has also been marked by significant gains in market share. In just six months, the protocol has captured 3.8% of the aggregate perpetuals market share, establishing a notable presence alongside major centralized exchanges. Key inflection points in this growth occurred during the December-January rally and another surge in March-April 2025, both coinciding with increased user activity. This growth is not a temporary surge but rather a reflection of consistent, organic momentum, indicating strong user retention and product reliability. Unlike many DEXs that experience brief spikes in trading volume, Hyperliquid has demonstrated steady month-over-month market share expansion, highlighting its increasing appeal as a sustainable alternative to traditional centralized exchanges within the perpetual trading landscape.

Hyperliquid’s rise can be attributed to several key factors. Its exceptionally fast EVM expansion is recognized as the fastest-growing EVM in the market, contributing significantly to its growth. Additionally, Hyperliquid’s dedicated base of only 100K holders, characterized by strong loyalty and minimal dilution, provides a robust foundation for sustainable and organic growth. This foundation is rare among protocols and supports Hyperliquid’s position as a major player in the perpetual trading landscape, alongside Binance, Bybit, and OKX. The shift from centralized exchanges to a decentralized and more efficient alternative underscores Hyperliquid’s appeal and potential for continued growth.