TVL climbs past half a billion
Hyperliquid’s TVL surged to $536 million recently, marking a historic high. From near zero in Q4 2024, the protocol has witnessed a parabolic rise in just six months, cementing its place among the top perpetual DEXs.
Source: DeFiLlama
Following a brief slowdown in March, early April witnessed a fresh wave of capital inflows, driving Total Value Locked (TVL) beyond the $500 million milestone.
This growth stands in stark contrast to the stagnant TVL trends observed in legacy decentralized exchanges (DEXs) such as dYdX and GMX.
The surge highlights an increasing user preference for Hyperliquid’s superior speed, intuitive user interface, and innovative EVM expansion.
Market share gains
In just six months, Hyperliquid has captured 3.8% of the aggregate perpetuals market share, carving out a notable presence alongside major centralized exchanges.
According to the data, key inflection points occurred during the December-January rally, followed by another surge in March-April 2025, both coinciding with increased user activity and trading volume.
Source: Hypeflows
This growth is not a temporary surge but rather a reflection of consistent, organic momentum, indicating strong user retention and product reliability.
While many decentralized exchanges (DEXs) experience brief spikes in trading volume, Hyperliquid has demonstrated steady month-over-month market share expansion.
This highlights its increasing appeal as a sustainable alternative to traditional centralized exchanges (CEXs) within the perpetual trading landscape.
The engines behind Hyperliquid’s ascent
Hyperliquid’s rise places it alongside Binance. It is now firmly among major players like Bybit and OKX. This highlights a significant shift, as users migrate from centralized exchanges to a decentralized and more efficient alternative.
One major factor behind this growth is its exceptionally fast EVM expansion. It is recognized as the fastest-growing EVM in the market.
Another key strength is its dedicated base of only 100K holders. Their strong loyalty and minimal dilution create a robust foundation. This foundation supports sustainable and organic growth, which is rare among protocols.
Source: https://ambcrypto.com/decoding-hyperliquids-38-weekly-surge-can-hype-sustain-it/