Hyperliquid hit an all-time high of 291.9K monthly active addresses, according to data cited in a report published today. The perpetual futures decentralized exchange extended its lead among competing perp DEXs on the metric.
Hyperliquid ranks first among 35 perpetual DEXs by both volume and user count, according to perps tracking site perps.info. The monthly active address count is a standard measure of user engagement in decentralized finance, capturing unique wallet addresses that interact with a protocol in a given month.
The exchange, built on its own Solana-adjacent blockchain, has grown rapidly since launching its mainnet in 2023. Hyperliquid pioneered subsidized perp trading on a permissionless chain, offering margined trading without custody requirements or centralized gatekeeping. Its architecture allows users to trade directly from self-custodied wallets, a model that differentiated it from centralized perps platforms like Bybit and OKX.
The 291.9K figure represents growth from previous highs. Hyperliquid's user base has expanded as the perp DEX category matured and institutional traders began testing non-custodial derivatives infrastructure. Competing platforms including Drift, Jupiter's perps offering, and Orca have launched perp venues, but none have reached Hyperliquid's user scale on this measure.
Hyperliquid's rise in monthly active addresses outpaces the growth rate of other top DEXs. Uniswap, the largest spot DEX by volume, reported approximately 1.2M weekly active addresses in recent months, though weekly and monthly metrics measure different time windows. The perpetual segment typically operates at smaller absolute scales than spot trading.
The protocol does not charge transaction fees directly; instead, it captures revenue through spread and funding mechanisms. Users pay spreads on entries and exits and variable funding rates when taking margined positions. This fee structure has attracted high-frequency and algorithmic trading volume alongside retail participation.
Hyperliquid's monthly active address count at 291.9K sits roughly 25 times the second-place perp DEX by user count. The single-month ATH marks the largest monthly cohort to interact with any perpetual DEX to date.
