Hyperliquid Surpasses Previous Record with 291k Monthly Active Addresses

Hyperliquid's monthly active addresses have reached an all-time high of approximately 291,900. This milestone surpasses the previous record and solidifies the platform's position as one of the most heavily trafficked decentralized exchanges in crypto.

The numbers behind this climb are significant: a 13% increase from June's previous record of 258,123 active perpetual traders. Additionally, Hyperliquid has added more than 60,000 active traders over roughly five months, with earlier numbers in March reaching around 230,000 active traders.

When counting all users, not just perpetual futures traders, Token Terminal data puts Hyperliquid's monthly active addresses at a range of 470,000 to 480,000. This distinction highlights the platform's broader ecosystem beyond perps.

The growth can be attributed to two main factors: the expansion into real-world asset trading through HIP-3 markets and the economic model centered on HYPE token buybacks. The former allows traders access to perpetual contracts on assets like oil and equities, while the latter creates a feedback loop where higher volume directly benefits token holders.