Welcome to GLC Research’s Newsletter.

In this edition, we’re excited to share the first article from Keisan, a former investment banker with experience in private equity and hedge funds. With his background, he brings a data-driven and objective approach that cuts through noise and emotions. When it comes to Hyperliquid, he is without a doubt one of the most knowledgeable $HYPE voices in the world.

One of the biggest challenges for $HYPE today is token distribution and education: making it clear what Hyperliquid is and why it may be the strongest pitch a native web3 company could ever make to become a true Wall Street asset.

That’s why GLC will be adapting Keisan’s threads into web articles, published on our brand-new website. We’re really excited to be working with him on this.

Now let’s dive into his latest thread.

Hyperliquid is rapidly becoming one of the most remarkable growth stories in crypto, combining record-breaking fees, strong financials, powerful onboarding events, and sticky user adoption, all achieved without a dollar spent on marketing.

Disclaimer: Views expressed are the author’s personal views and should not be relied upon as investment advice.

Discloser: Analyst (Keisan) behind this research owns $HYPE. Full disclaimer and disclosure here.

Key Takeaways

• Fees exploding: +121% YTD, 290% CAGR, 3 record months in a row, 3.67M USD avg daily in August.

• Financial momentum: Best month ever in August, Q3 on track for 332M USD fees (+88% QoQ).

• Catalyst-driven growth: $PUMP launch, Phantom perps, HyperEVM and whales pushed inflows to ~6B USD (3x since Jan).

• User stickiness: OI and volume nearly tripled vs CEXs, market share now ~6%.

• Pure momentum: 2,000 new users daily, no marketing spend, only word of mouth + execution.

This article was written by Keisan, a former investment banker with experiences in hedge funds and private equity.

Hyperliquid Fee Growth YTD 2025 

The best place to start is with fees, the clearest measure of an exchange’s economic activity. Hyperliquid’s fee growth in 2025 has been nothing short of impressive.

• 15.4% avg MoM growth
  

• 121.2% growth from January to August
  

• 290.1% annualized CAGR
  

• 3.67M USD avg daily fees in August
  

• 3 record fee months in a row

There are no signs of slowing down.

Hyperliquid’s Financials YTD

After looking at the raw fee growth, it is worth digging into the financials to understand just how strong this momentum really is. August marked Hyperliquid’s best fee month since inception, and this happened during a period that is usually one of the weakest for trading activity.

Not only did Hyperliquid put in its best month, but this was 22% higher than July (the previous record month), and was Hyperliquid's third record month in a row.

To get an idea of Q3, I conservatively assume September will be 10% higher than August, which would put Q3 at a staggering 332M USD in fees, an 88.4% QoQ growth from Q2.

Using August-annualized cash flows, I have $HYPE trading at ~14x P/E, while it just grew 88.4% QoQ and 121% in 7 months since January. If $HYPE traded in public markets, I'd venture to say it would be trading at a P/E of ~5x what it is currently trading at.

Many continue to try to price Hyperliquid at its current fee rate, instead of paying attention to what is one of the most incredible growth stories in financial history. The data is right in front of you, have a look.

Hyperliquid’s Onboarding Events

Strong financials rarely happen in isolation. They are often supported by catalysts that drive user growth and liquidity, and Hyperliquid has had plenty of those in 2025. Some that come to mind:

• Hyperliquid was the first to list $TRUMP and $MELANIA perps
  

• ByBit $ETH hack was scary for many users r.e. the solvency of the exchange
  

• $PUMP launch - pre-market and spot listings were a tremendous success and flawless execution by both @hyperunit and @HyperliquidX
  

• $PUMP launch - many CEX's had major issues during the raise. On-chain was much more successful
  

• HyperEVM has grown significantly and TVL / users continue to rise. I.e. DeFi community discovering Hyperliquid, particularly as yields and points are unparalleled vs. elsewhere right now
  

• James Wynn saga, the excitement of publicly running an account to near ~$100M
  

• Ancient $BTC whale using @hyperunit spot markets on Hyperliquid to swap multi-billions from $BTC to $ETH
  

• Spot markets have gotten significantly more liquid, as evidenced by the OG whale. This has brought in more users as well
  

• Phantom perps launch, bringing in 10s of thousands of new users and millions in fees in just <2 months since launch

I am probably missing a bunch, but these were some that came to mind.

Inflows tend to spike around these events, and have been up-only this year, currently sitting at ATHs near 6 billion USD, a 3x since January.

Hyperliquid’s User Stickiness

But onboarding alone is not enough. What matters just as much is whether these users stay engaged once they join. In Hyperliquid’s case, the answer seems to be a resounding yes.

Open interest, likely the best measure for exchange usage, has grown tremendously since the start of the year.

Volume and OI when compared to CEX's has also grown substantially, nearly 3x on both market share metrics since January.

Hyperliquid sits at around 6% market share vs. CEXs. I see no reason why this won't continue to increase substantially.

Continued Growth

The final piece of the puzzle is continued growth, and here too Hyperliquid delivers. Every single day, around 2,000 new users log into the exchange for the first time, the highest level since TGE. Retention shows that most of them keep using the platform once they try it.

As we have witnessed from onboarding events, inflows, market share, and more, it is clear that users who log into Hyperliquid fall in love with what I believe is the best product in all of crypto.

All of this has been done without a single dollar or ounce of time spent on marketing. Just pure word of mouth and a team that constantly ships.

I won't even go into all the future catalysts because I feel like a broken record. You can see my other posts for those.

What I will say is that if we put in a 114M USD day during August, most are not ready for what kind of fees Hyperliquid will start to generate in October and November this year.

Hyperliquid.

Hope you enjoyed reading this article from Keisan.

If you found it valuable, feel free to share it with others and follow us & Keisan on X. You can also join our free Telegram group, we’re always up for thoughtful discussions and idea-sharing with the community.

Stay tuned, more in-depth insights are coming your way soon.