Hyperliquid Grows to $6B TVL and $16B Open Interest With Zero VC Backing

Hyperliquid reported sharp growth across its core metrics over the past year. The platform said it reached these levels without raising external venture capital. While returning all protocol fees to its community. According to the update, Hyperliquid’s total value locked climbed to $6 billion. It is up from about $2 billion a year earlier. 

At the same time, open interest rose to $16 billion, compared with $4 billion in the prior year. These figures place the platform among the larger players in on-chain derivatives. The platform also said its user base expanded to around 1.4 million. That compares with roughly 300k users at the same point last year. The growth came during a period of heavy market activity across crypto trading.

Trading Volume and Revenue Reach New Highs

Hyperliquid also posted large gains in trading activity. The platform said its 24-hour trading volume peaked at $32 billion in 2025. In 2024 the comparable figure was about $15 billion. Protocol revenue followed a similar trend. Daily revenue reached a high of $20 million. It is up from roughly $3.5 million a year earlier.

The platform highlighted that these fees were not kept by insiders or investors. Rather, all protocol fees were returned to the community under its design. This method stands out in the market. Many platforms rely on venture funding or token sales. Hyperliquid said it chose to focus on organic growth and user participation instead.

New Features Rolled Out During 2025

The growth came alongside several product launches. One of the largest was the rollout of HyperEVM. Which expanded the platform’s smart contract and builder support. The team also introduced native USDC integration. This makes it easier for users to move stable liquidity on and off the platform. 

Other updates included permissionless perpetuals deployment under HIP-3. Including an early version of portfolio margin. These tools aimed to give traders more flexibility. While keeping risk controls in place. Hyperliquid also moved toward a fully permissionless validator set. This step reduced reliance on a small group of operators. This aligned with the platform’s focus on open access.

What the Numbers Suggest Going Forward

The data shows Hyperliquid is gaining scale at a fast pace. Rising open interest points to deeper liquidity. Higher TVL hints that users are willing to keep capital on the platform. Rather than move it quickly. Still, growth at this speed brings challenges. Large volumes can increase stress during market swings. 

New features must also prove stable under pressure. How the platform handles these tests will matter in the months ahead. Currently, Hyperliquid’s update highlights a rare case in crypto. It shows a platform reaching multi-billion-dollar metrics without venture backing. As 2026 unfolds, traders and developers will watch closely to see if this model can hold as competition increases.