Introduction

Hyperliquid has solidified its lead in the onchain perps market even more into 2025, posting a lot of growth in volume and user activity. It has also been one of the strongest movers off of the local crypto bottom estimated at the beginning of April 2025, now up over 97%.

The platform continues to handle multi-billion dollar daily trading volumes despite the downturn in macro market volumes and is, accounting for roughly 70% of all onchain perp volume in recent weeks. In April alone, Hyperliquid processed over $178b in volume while markets corrected to the downside. Outside of sticky volumes, the HyperEVM continues to grow TVL and this growth is without one of the major stablecoins deployed there (until...