Hyperliquid User Base Surpasses 1.4 Million in 2025 Growth Spurt

Hyperliquid closed 2025 with a user base exceeding 1.4 million globally, a significant leap from 300,000 in 2024. This growth underscores increasing adoption of decentralized finance (DeFi) infrastructure across traders and developers. The platform also reported record daily trading volume of $32 billion during high-activity sessions.

Open interest reached $16 billion, and total value locked (TVL) climbed to $6 billion, reflecting sustained demand for onchain derivatives and spot trading. These figures highlight Hyperliquid's emergence as a major player in the decentralized trading space.

The platform achieved this growth organically, returning all protocol fees to the community without external venture capital (VC) funding. This model distinguishes Hyperliquid from many other DeFi platforms that rely on institutional backing.

Why Did This Happen?

The surge in user numbers and trading volume is attributed to Hyperliquid's permissionless design and technical innovations. The launch of the HyperEVM and HyperCore composability tools enabled developers to build on the platform without restrictions.

In 2025, the platform also introduced key features such as native USDC integration. These updates enhanced accessibility and trust in the system, attracting more traders and builders.

Hyperliquid's approach to decentralization and transparency has resonated with users seeking alternatives to centralized exchanges. By avoiding private investor deals and market-maker arrangements, the platform reinforced its credibility.

What Are Analysts Watching Next?

Analysts are closely monitoring how Hyperliquid handles increased trading volumes and volatility. The platform's infrastructure must remain resilient during high-impact market events to sustain long-term growth.

Another key focus is the performance of the HYPE token. The token has faced volatility, with monthly unlocks of 1.2 million tokens potentially affecting its price. Traders are assessing whether ongoing token burns can offset this supply pressure.

Competitors like Aster and Lighter are also gaining traction, with Aster leading in 24-hour trading volume and Lighter recently airdropping its token. This intensifying competition may shape Hyperliquid's strategy in 2026.

How Did Markets React?

Market participants responded positively to Hyperliquid's 2025 performance. The HYPE token closed 2025 near $26.80, with a 24-hour volatility of 2.3 percent. Its market cap reached $6.34 billion, indicating growing institutional and retail interest.

Investor sentiment has been buoyed by the platform's rapid user adoption and technical milestones. However, some caution remains due to the upcoming token unlock of 12.46 million HYPE tokens on January 6, valued at $328 million at current prices.

Traders are also observing Hyperliquid's governance progress and potential for expanded asset listings. The platform's commitment to community-driven development and decentralized governance could influence its trajectory in the coming months.