Hyperliquid Research Collective (HRC)

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.

Who is Actually Trading on @tradexyz? Written by @ArrakisFinance "Recent discourse around @tradexyz has centred on whether participation is real or whether the venue is dominated by sybils farming the expected TGE. The analysis points to a layered answer..." "We found no evidence of a separate high-volume wash-trading operation built to fabricate dollar throughput. Most of what looks like farming in the data runs through retail market-making bots: wallets posting both sides of the book and adding top-of-book depth rather than consuming it." Link of the article below.

@_LetMeDo_ @getoutofhome Hyperliquid

Didn't get the chance to properly thank everyone for the support at the Hyperliquid Dubai meetup, the weekend was packed with back to back events. When @getoutofhome and I decided to plan this we honestly weren't sure how many people would show up. The last couple of months have been hard on Dubai and not everyone stuck around. We hoped for a decent turnout. Luma hit 150+ sign ups in just a few days, way past anything we expected. Builders, traders, and some of the most based people I've met in this city. Dubai is very much still the alpha, no matter what gets thrown at it. A few people made this happen and they deserve every shoutout: @getoutofhome for co-organizing this with me and being the kind of builder and chad this space needs more of. If you're not following him and @StratiumX yet, fix that. Stratium coded. @hypurr_co for the support and for helping us spread the word. @HyperliquidR for shipping the Hyperliquid annual reports on the shortest notice imaginable, and for everything they do for the eco. If you haven't read the 2025 annual report yet, do yourself a favor: hyperliquidr.xyz/report/hyperli…. Months of research, data, and collaboration across @FourPillarsFP, @GLC_Research and all their contributors went into it. @arts_dao for hosting us during event weekend and for the community support throughout. @kanishkkhurana for the on-site help and shoutout to @AcrossProtocol while we're at it. @ericonomic for the support and the pleasure of meeting in person, one of the most based Hyperliquid bulls around. And the biggest thank you to everyone who showed up. Hearing what you're building, what you're trading, what you're betting on next, no timeline can replicate that. First one in the books. We have so many ideas for the next ones already, can't wait to share more! Housing all of finance from Dubai. We're just getting started. Hyperliquid.

Hope you enjoyed the event in Dubai and receiving the 2025 Hyperliquid Annual Report. Hyperliquid.

@_LetMeDo_ @hypurr_co @StratiumX @arts_dao Hyperliquid 🔥

Hyperliquid habibis 🇦🇪 See you soon at the Dubai meetup! @hypurr_co @HyperliquidR @StratiumX @arts_dao

HPC Files Comment to the CFTC’s ANPRM on Prediction Markets Letter from @HyperliquidPC "Prediction markets are a natural application of the price discovery function at the heart of the CEA. Their precision in defining narrow, event-based underliers provides market participants a tool to express views directly on specific events, rather than seeking exposure to those events indirectly through other financial instruments that the event may influence." Thank you to HPC, @jchervinsky, @BradBourque, @salahghazzal, and everyone involved for the work you’re doing. Link to the letter in the comments below.

@StratiumX @hypurr_co Hyperliquid

Hyperliquid Dubai is happening this Friday. Builders, traders, HYPE maxis, anyone curious about what's actually being shipped on the protocol. Supported by @hypurr_co @HyperliquidR Link 👇

@_LetMeDo_ 🔥

Look mom I made it to Hyperliquid official channels! See you Friday habibis! 🇦🇪 luma.com/nijrqlzn Hyperliquid.

If you’d like a copy, come grab a physical one by registering for the Hyperliquid Dubai Meetup on May 1st. Link below, Hyperliquid.

▫️TradeXYZ reached parity with Lighter in March (11.29% vs 11.38%), capturing the same market share ▫️TradeXYZ generated 2x the perp volume of all Solana perps combined in March ($58.57B vs $29.45B) ▫️Only two protocols gained market share MoM: TradeXYZ (+5.24pp) and Hyperliquid (+3.06pp) ▫️Lighter: -67% QoQ, chart below.

@getoutofhome Hyperliquid

The copy of annual report will be available. Will test out the contents if you want to grab one.

@_LetMeDo_ @GLC_Research @FourPillarsFP Thank you for hosting this event !! Hyperliquid

@HyperliquidR @GLC_Research @FourPillarsFP Seriously thank you guys for making this happen and for all the work you do for the HL eco 🫶

If you’re in Dubai on May 1 and part of the Hyperliquid community, come pick up your copy of the annual report. "Because Hyperliquid’s unprecedented 2025 performance deserved more than just a PDF" Thanks @_LetMeDo_ for hosting the event, hope you guys will enjoy the report and the event. Hyperliquid.

Advancing Policy for the House of All Finance by @HyperliquidPC "Hyperliquid represents the next era of market evolution Taken together, these features illustrate how onchain perpetuals promise more than a new way to trade familiar products: they represent a structural improvement in how derivatives markets can enable price discovery, deep liquidity, and broad access" hyperliquidr.xyz/post/advancing…

@HyperliquidPC Hyperliquid

@reisnertobias @blockworksDAS HyperTobias.

This reminds me of the talks during @blockworksDAS where people said "RWAs will come on chain" - and my thought was: "They already are on Hyperliquid". Nice, that the research proves this.