Hyperliquid has reached a record of approximately 291 500 to 291 900 monthly active perpetual traders. This figure marks a 13% increase compared to the previous record of 258 123 users in June. Since March, when the platform reported about 230 000 active traders, the user base has grown by more than 60 000.
Broader data from Token Terminal indicates that total monthly active addresses on the platform range between 470 000 and 480 000. Perpetual futures trading remains the primary driver of this activity, accounting for more than half of all active addresses on the protocol.
The platform attributes this growth to the expansion of its HIP-3 markets, which allow trading of perpetual contracts for real-world assets like oil and equities. This feature provides 24/7 access, attracting both retail and institutional participants who seek flexibility outside of traditional market hours.
Another factor supporting the platform's growth is its economic model, which utilizes trading fees to fund buybacks and burns of the HYPE token. This mechanism is designed to benefit token holders as trading volume increases on the exchange.
