Hyperliquid Research Collective has released the Hyperliquid Annual Report 2025, describing the project as a system that moved beyond its original identity as a perpetuals venue and into something closer to a full on-chain exchange stack. The report was published by HRC, the research collective led by Four Pillars and GLC Research, and framed as an attempt to capture a year the group called largely unprecedented in financial history.
A natural reading of the report is that 2025 was the year Hyperliquid stopped being judged only as a fast crypto perps venue. The platform used that base to build new layers around spot markets, real-world assets, developer tooling and an increasingly self-reinforcing token model.
Hyperliquid’s 2025 trading volume reached about $2.95 trillion, with average daily volume around $8.34 billion, roughly 198.9 billion executed trades and about 609,700 new users added during the year.
Total platform revenue was reported at about $843 million, generated from roughly $908 million in fees. Perpetual contracts remained the main engine, contributing about $808 million, while spot added about $35.25 million. The same set of annual figures also pointed to about $3.87 billion in net inflows and roughly $110.1 billion in HIP-3 trading volume.
Those numbers matter because they show Hyperliquid did not rely on one lucky quarter or one speculative narrative. The platform appears to have built a large business around consistent trading activity, deeper liquidity and new product lines that broadened how users could deploy capital on-chain.
The annual totals only tell part of the story. Separate report summaries published around year-end said Hyperliquid closed 2025 with daily trading volume peaking at $32 billion, open interest reaching $16 billion, total value locked climbing to about $6 billion and daily protocol revenue approaching $20 million.
User growth also remained one of the clearest signals that the platform was moving into a bigger category. Year-end summaries said the user base rose to about 1.4 million from roughly 300,000 a year earlier, which suggests Hyperliquid was not only attracting bigger traders but also widening its global participation base.
That combination matters because it points to a market structure story, not just a token story. A venue can produce headline revenue in a hot market, but sustained gains in users, open interest, TVL and daily volume usually indicate that more of the trading system is becoming sticky.
The report’s deeper argument is that Hyperliquid’s 2025 was not only about bigger numbers. It was about product expansion.
Annual-report summaries point to HyperEVM as one of the most important upgrades, because it gave the protocol a programmable execution layer and opened a path for developers to build applications that could still interact with Hyperliquid’s native liquidity. Other milestones highlighted in summaries of the report included permissionless validator participation, native staking utilities with trading-fee discounts, permissionless spot and perpetual asset deployment, native USDC support and early portfolio margin functionality.
That matters because each of those additions changes the role of the protocol. Hyperliquid looks less like a single app when it adds developer tooling, staking, composability and permissionless market creation. It starts to look more like a venue where liquidity, infrastructure and product design can reinforce each other.
One of the most important details in the report-derived data is the roughly $110.1 billion in HIP-3 volume during 2025. That figure matters because HIP-3 gave Hyperliquid a way to move beyond core crypto pairs and into a wider set of markets.
That shift has become even more visible in 2026, as commodity and macro-linked products have started to pull meaningful flow onto the platform. In that sense, the annual report reads less like a backward-looking scorecard and more like the setup for what Hyperliquid is trying to become now: an always-on venue for crypto, commodities, equities and eventually other outcome-based markets.
The report’s bull case still runs through revenue quality. Hyperliquid’s fee engine remains unusually powerful for an on-chain venue, and the protocol’s buyback structure is still central to how market participants think about HYPE.
A recent 21Shares research note, said Hyperliquid’s cumulative gross revenue has surpassed $1.15 billion and that 97% to 99% of fees are directed into automated token buybacks. That note also argued that the platform is already being valued more like a real exchange than like a typical DeFi token experiment.
That framing helps explain why the annual report matters now. It is not only a celebration of 2025. It is also an attempt to show that Hyperliquid’s core business has already become large enough to support a broader exchange narrative.
The strongest takeaway is not simply that Hyperliquid posted large numbers in 2025. It is that those numbers increasingly came from an ecosystem that was becoming more diversified, more programmable and harder to describe as just another perp DEX.
That is why the report matters. It gives the market a cleaner way to understand Hyperliquid’s 2025 transition from a high-speed trading app into a broader on-chain financial platform, with perps still doing most of the work but no longer doing all of it.
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