Key Highlights
- Hyperliquid reached a new all-time high of 263,666 active perpetual traders, reflecting continued growth in user participation.
- Daily trading volume fell nearly 17%, while open interest declined to $10.75 billion.
- The milestone follows strong growth in 2026, including increased HIP-3 activity, HYPE buybacks, and adoption of Hyperliquid’s perpetual trading ecosystem.
Hyperliquid, a decentralized exchange (DEX) and custom Layer-1 blockchain, recorded a new high in active perpetual traders on Thursday, according to data from HyperTracker, an analytics platform dedicated to the protocol.
HyperTracker data showed the number of active perp traders reached 263,666 on August 6, up 486, or 0.18%, over the previous 24 hours. Data dating back to November 2025 shows active traders rising steadily from around 150,000 in early January, with faster growth during the spring and summer months.
Total open positions also increased to 329,951, up 181, or 0.05% on the day. Meanwhile, open interest in perpetual contracts stood at $10.75 billion, down $104 million, or 0.95%. Daily trading volume came in at $2.98 billion, down $610 million, or nearly 17%, from the prior session.
Earlier momentum in 2026
A report from Four Pillars and GLC Research showed HYPE returned 79.2% in Q2 and reached an all-time high of $76.90 on June 16 before closing the quarter at $66.04. Protocol revenue totaled $169.37 million, down 6.6% from the previous quarter and 11.8% year-over-year.
Holder revenue declined 4.7% to $142.88 million, yet cumulative holder revenue surpassed $1 billion. Buybacks amounted to $140.66 million, removing 2.77 million HYPE from circulation.
On August 4, open interest in the HIP-3 segment exceeded $4 billion for the first time, reaching $4.12 billion across 117 assets. Trading volume in that segment increased 229.5% to $4.97 billion in 24 hours, while unique traders rose 24.8% to 57,000. Earlier in July, total open interest on the platform had climbed to approximately $11.07 billion, the highest level recorded in 2026 at that point.
HYPE price performance
Despite the increase in active traders, Hyperliquid’s native token, HYPE, traded lower on August 6. The token changed hands at $56.27, down 2.74% over 24 hours. Market capitalization stood at $14.22 billion, also lower by 2.4%. Trading volume fell nearly 30% to about $261 million.
The 24-hour range stretched from a low of $54.73 to a high of $57.90. HYPE remains 26.78% below its all-time high of $76.85 set on June 16, 2026, though it is still above its all-time low of $3.20 recorded in November 2024. The circulating supply is approximately 253 million HYPE against a total and maximum supply of 953 million.
The increase in active perpetual traders points to continued user participation on Hyperliquid. However, the decline in daily trading volume, the modest drop in open interest, and weakness in HYPE’s price indicate that higher user activity has not translated into stronger trading volumes or token performance.
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