Hyperliquid reaches 263,419 active perpetual traders, commanding nearly 70% of on-chain perp activity

Hyperliquid has crossed 263,419 active perpetual futures traders, a number that would have been unthinkable for a decentralized exchange just two years ago. The platform now accounts for up to 69% of all on-chain perpetual daily active users. Perpetual futures are the single most traded instrument in crypto. They let traders bet on price movements with leverage and no expiration date. The numbers behind the dominance Open interest on Hyperliquid sits between $8.97B and $10.55B. Monthly active traders have topped 274,000 in recent snapshots, suggesting the 263,419 figure represents a consistent baseline rather than a spike. The platform offers more than 300 perpetual and spot markets spanning crypto, commodities, and indices. Traders can access synthetic exposure to traditional assets around the clock, something legacy markets still can’t offer without significant infrastructure. Hyperliquid runs on its own Layer-1 blockchain, using a custom consensus mechanism called HyperBFT. Everything happens on-chain and non-custodially, which means traders hold their own keys throughout the process. From quant desk to crypto infrastructure The platform was founded in 2023 by Jeff Yan, who prev...