Hyperliquid Annual Report 2025 Today, we're excited to release Hyperliquid's 2025 Annual Report. What Hyperliquid, the core team, and hundreds of contributors have built this year is largely unprecedented in financial history. This report is our attempt to capture that extraordinary year with the rigor it deserves. A few months ago, we created HRC because we felt a clear need to reduce information asymmetry and lower entry barriers for new participants through independent research. We hope this report helps do exactly that. For us, it is a privilege to be part of this ecosystem and to have produced this work. Months of research, data work, debate, and collaboration across Four Pillars, GLC, and all our contributors went into every page. It means a lot to share it today, so please, let us know what you think and how we can improve the reporting going forward. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.

Hyperliquid.

Hyperliquid.

When @HypeStrat speaks, you listen

Very thoughtful analysis from @JeroenNieuwkoop (aka Jerry), our COO at @HypeStrat $PURR @HyperliquidX

We’re glad that @HypeStrat (NASDAQ: $PURR) chose to share this latest article through HRC. It’s a strong sign of trust for us. HRC is still early and far from perfect, but we’re proud of what we’ve been able to achieve so far with limited resources, thanks to this incredible community. We strongly encourage everyone to read this latest piece from @JeroenNieuwkoop, COO of $PURR. Job’s not finished. Hyperliquid.

thank you community hyperliquid

2026 Trade[XYZ] Q1 Report Last week, HRC published the Hyperliquid 2026 Q1 Report. This week, we're following up with @tradexyz because the mission to reduce information asymmetry doesn't stop at Hyperliquid itself. HIP-3 formalized the open-infrastructure thesis at the market layer: external teams deploying perpetual markets on Hyperliquid's orderbook while earning 50% of the fees their markets generate. Trade[XYZ] was the first to deploy under this framework and remains by far the largest, accounting for approximately 85–90% of all HIP-3 volume. Billions in daily volume, genuine weekend price discovery, and two major macro stress events later, this is no longer just a successful product launch. "It points to a structural shift in how global markets could operate" At that scale, independent and rigorous reporting becomes a necessity. Some excerpts below, full PDF at the link. We hope you find it valuable. Hyperliquid. XYZ.

: : [Investment/Report] Trade[xyz] 2026 Q1 Report Written by @GLC_Research , @FourPillarsFP , @shaundadevens (@blockworksres ), @smartestxyz Q1 2026 answered the question that launched Trade[XYZ]: can perpetual derivatives on real-world assets function as serious market infrastructure, not just as a crypto novelty? The evidence in this report says yes. $112.87B in volume, 48 consecutive days of OI ATHs, spreads converging toward native crypto perps within a single quarter, and weekend prices that outperformed the Friday close as a TradFi reopen predictor in 76.6% of observations. Two macro stress events — a silver crash and an oil crisis — processed without a halt. These outcomes are measured, documented, and hold up to scrutiny. The growth rate is real but requires context. 857% QoQ against a peer group that contracted 40% reflects genuine share capture. But the fee environment is deliberately compressed, two discrete stress events drove the volume peaks, and monetization at 0.70 bps understates long-run earnings power significantly. How the volume base responds to eventual fee normalization is also a central unanswered question heading into Q2. Risks remain material. Regulatory uncertainty is the largest structural variable — U.S. retail access is restricted today, and the SEC-CFTC policy process will shape the addressable market more than any product decision. Competition will likely intensify as the revenue profile becomes visible. What cannot be taken back: the architecture held under stress, market quality improved faster than expected, and the S&P Dow Jones licensing agreement — awarded five months into existence — confirmed that institutional recognition has arrived. The primitive works.