The number of monthly active addresses of Hyperliquid has reached a record high
On September 21, the number of monthly active addresses of Hyperliquid reached 291,900 as of September 18, 2026, a record high, a significant increase from about 225,000 in July. After experiencing previous fluctuations, the number of active addresses from August to September showed a significant accelerated upward trend.
The strong user growth shows that the adoption rate of the perpetual contract DEX is increasing. The key risk is whether this growth can be translated into continuous trading volume and revenue, or it will subside as the market cycle changes.
On September 21, the number of monthly active addresses of Hyperliquid reached 291,900 as of September 18, 2026, a record high, a significant increase from about 225,000 in July. After experiencing previous fluctuations, the number of active addresses from August to September showed a significant accelerated upward trend.
The strong user growth shows that the adoption rate of the perpetual contract DEX is increasing. The key risk is whether this growth can be translated into continuous trading volume and revenue, or it will subside as the market cycle changes.