Hyperliquid's perpetuals market daily active users have increased 169 percent since the start of the year, reaching 71,411. This surge establishes perpetuals as the primary driver of user acquisition for the Layer 1 decentralized exchange.

Spot trading daily active users rose 77 percent year-to-date to 7,994. The gap between perpetuals and spot growth reflects sustained demand for leveraged on-chain derivatives over simple token swaps.

Hyperliquid launched outcome markets in May. These new markets have attracted 2,203 daily active users, suggesting early adoption for novel on-chain binary derivatives.

Hyperliquid operates as a purpose-built Layer 1 blockchain with its own BFT consensus mechanism optimized for high-throughput trading. The platform's native token, HYPE, launched via airdrop in November 2024 and aligns incentives across the ecosystem.