Hyperliquid has surpassed 263,419 active perpetual traders, capturing nearly 70% of all on-chain daily active users for perpetual contracts. The platform’s open interest ranges between $8.97 billion and $10.55 billion, with monthly active traders exceeding 274,000. Founded in 2023 by Jeff Yan, a former quantitative trader at Hudson River Trading, this decentralized platform operates on its own Layer-1 blockchain with a custom consensus mechanism called HyperBFT. It offers over 300 perpetual and spot markets spanning crypto-assets, commodities, and indices.
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