TV climbs after half a billion
Hyperliquid’s TVL recently rose to $ 536 million, what a historic high marked. From zero in Q4 2024, the protocol witnessed a parabolic increase in just six months, which confirms its place in the best perpetual DEXs.
Source: Defillama
After a brief delay in March, a new wave of capital inflow was witnessed at the beginning of April, so that the total value was locked (TVL) beyond the milestone of $ 500 million.
This growth is in stark contrast to the stagnant TV trends that are observed in legacy decentralized fairs (DEXs) such as Dydx and GMX.
The increase emphasizes an increasing user preference for the superior speed, intuitive user interface and innovative EVM expansion of hyperliquid.
Market share profits
In just six months, Hyperliquid has conquered 3.8% of the aggregated market share of the perpetuals, which pronounced a remarkable presence in addition to important centralized exchanges.
According to the data, Main bending points took place during the December-Januari rally, followed by a new wave in March-April 2025, both coincides with increased user activity and trade volume.
Source: Hypeflows
This growth is not a temporary increase, but rather a reflection of consistent, organic momentum, which indicates strong user retention and product reliability.
While many decentralized exchanges (DEXS) experience short peaks in trade volume, Hyperliquid has demonstrated a steady expansion of the month-over-month market share.
This emphasizes its increasing attraction as a sustainable alternative to traditional centralized fairs (CEXS) within the eternal trading landscape.
The engines behind the climb of hyperliquid
The rise of hyperliquid places it next to Binance. It is now firm to major players such as Bybit and OKX. This emphasizes an important shift, because users migrate from centralized exchanges to a decentralized and more efficient alternative.
An important factor behind this growth is the exceptionally fast EVM expansion. It is recognized as the fastest growing EVM in the market.
Another important strength is the special basis of only 100k holders. Their strong loyalty and minimal dilution create a robust basis. This foundation supports sustainable and organic growth, which is rare in protocols.