Hyperliquid Active Traders Hit ATH While Trading Volume Declines

Hyperliquid, a decentralized exchange (DEX) and custom Layer-1 blockchain, has reached a new all-time high in active perpetual traders. According to data from HyperTracker, an analytics platform dedicated to the protocol, the number of active perp traders reached 263,666 on Thursday.

This milestone follows strong growth in user participation throughout 2026, including increased HIP-3 activity and HYPE buybacks. The protocol's native token, HYPE, has seen a significant increase in adoption, with cumulative holder revenue surpassing $1 billion.

However, the growth in active traders has not translated into stronger trading volumes or token performance. Daily trading volume fell nearly 17%, while open interest declined to $10.75 billion. The price of HYPE also traded lower on the day, down 2.74% over 24 hours.