Hyperliquid Celebrates 4x User Growth in 2025, Analysis Reveals “Interesting” Days Ahead

Key Notes

• Hyperliquid closed 2025 with 4x user growth, from 300K to $1.4M.
• Record highs were seen in volume, open interest, TVL, and protocol revenue.
• Analysis from Front Runners indicate “interesting” days ahead for HYPE token.

Hyperliquid HYPE $26.80 24h volatility: 2.3% Market cap: $6.34 B Vol. 24h: $293.86 M closed 2025 with a major public milestone as its user count rose to 1.4 million from roughly 300,000 a year earlier in 2024.

Trading activity expanded alongside it as well, with daily volume peaking near $32 billion.

In a post on X, the decentralized exchange listed all record numbers it had hit in 2025. Other record metrics include the open interest, which reached $16 billion, and total value locked, which climbed to $6 billion.

Hyperliquid today looks very different from Hyperliquid a year ago. This time last year, the HyperEVM hadn’t even launched, and there were only a handful of early believers building exclusively on Hyperliquid. Now, there are hundreds of teams building, dozens of regional… pic.twitter.com/Yb9Gv6yGTk

— Hyperliquid (@HyperliquidX) January 6, 2026

The expansion came without any external funding, said Hyperliquid. Also, the protocol fees were routed back to the community, and development focused on native infrastructure rather than incentives.

Compared to 2024, protocol revenue jumped from about $3.5 million per day to as high as $20 million.

The team celebrated the growth with a new ecosystem artwork, commemorating its goal of building a “House of All Finance,” not just a derivatives venue.

Product Rollouts Drove Usage

Hyperliquid added that most of the growth came after the HyperEVM launch.

Builders gained direct access to HyperCore through precompiles and CoreWriter, allowing composable applications to sit directly on the trading layer.

Meanwhile, staking was tied directly to platform utility and traders were offered fee discounts while builders were given deployment rights.

Other additions included permissionless perpetual markets through HIP-3, portfolio margin in pre-alpha, and the launch of USDH governance markets.

It is also important to note that HYPE tokens sent to the assistance fund were formally burned, reducing circulating supply.

According to HYPE Burn data, the fund currently holds $1.010 billion worth of HYPE.

Whale Unlocks Draw Attention

While ecosystem metrics hit new highs, large wallets tied to HYPE staking activity are coming back into focus.

Blockchain data shows a cluster of wallets preparing multiple unlocks over several days.

Around $4.4 million worth of HYPE is set to unlock first, followed by $5.4 million, then $11.7 million.

Another linked wallet has already initiated a $6.3 million withdrawal. Roughly $81 million remains staked and unqueued.

Some notes on the entity we are tracking that has been unstaking (and partially selling) large amounts of $HYPE:

– $4.4m unlocking tomorrow
– $5.4m the following day
– $11.7m a couple of days after that
– another wallet in the cluster initiated a $6.3m withdrawal today
– $81.4m… pic.twitter.com/VSPV6KQeJa

— Front Runners (@frontrunnersx) January 5, 2026

Some traders interpret unstaking as a sell signal. However, this is not the case, said crypto intel entity Front Runners.

Related article: $650M in Token Unlocks Incoming: 3 Altcoins Stand Out

They claim that this assumption is too simple and large wallet unlocking doesn’t guarantee aggressive selling, especially when liquidity and volume are high.

Front Runners said that the current setup is risky for one-sided trades. Shorting purely on unlock headlines leaves little margin if selling fails to materialize.

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