Hyperliquid's Explosive 2025: How $2.95T in Perps and Derivatives Volume Fueled 609K User Growth

ChainSpy · 2026-01-15T22:49:23+00:00

Hyperliquid ended 2025 strong, gaining 609,662 users and $38.7 billion in net inflows, with $2.95 trillion in trading volume. Perpetuals drove the majority of orders, highlighting a shift towards decentralized trading alternatives.

ChainSpy

2026-01-15 22:49:23

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Hyperliquid wrapped up 2025 with remarkable momentum, attracting 609,662 new users while capturing $38.7 billion in net capital inflows—a testament to the platform’s growing dominance in DEX derivatives trading. These figures reflect a market that’s increasingly gravitating toward decentralized perpetuals and spot trading alternatives to traditional centralized exchanges.

The scale of activity tells an even more compelling story. Over the full year, Hyperliquid processed $2.95 trillion in total trading volume, translating to approximately $83.4 billion daily, $3.47 billion hourly, and around $5.79 million per minute. The sheer throughput underscores the platform’s infrastructure capabilities in handling high-frequency market activity.

Perpetuals and Spot: The Growth Engine

Order executions hit a historic high of 198.9 billion annually, with perps commanding the lions share at 1.743 trillion, significantly outpacing 226 billion in spot trades and 19 billion HIP-3s. This composition reveals that perps remain the primary driver of Hyperliquid’s ecosystem, accounting for roughly 88% of all order flow. The staggering perps volume demonstrates sustained appetite for leveraged derivatives in crypto markets.

Breaking down the execution cadence: the platform averaged 562 million transactions daily, 23.4 million hourly, and roughly 390,000 per minute. Such velocity indicates not just passive liquidity provision but active, high-frequency participation from sophisticated traders seeking tight spreads and minimal latency.

What This Means for DEX Derivatives

The data paints a clear picture of Hyperliquid’s reinforced position in the decentralized derivatives space. With perps volume nearly 8x that of spot trades, the platform has successfully carved a niche for traders prioritizing volatility exposure and leverage strategies. The influx of 609,662 new users suggests that Hyperliquid’s product offerings—particularly its perps functionality—are resonating beyond core crypto audiences, capturing institutional and retail segments seeking alternatives to centralized venue risks.

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