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We just released our Hyperliquid 2025 Annual Report.
This piece means so much to me and everyone who contributed to it. It is the best work we've ever produced, one of the most comprehensive Annual Reports a blockchain has ever had, in my opinion. I'm so proud of it and of everyone who helped make it possible.
To close, I'll share my closing note from the report:
"As this report draws to a close, we want to step back from the data for a moment and say something more personal.
What Hyperliquid has built in 2025 is not just financially remarkable — it is historically so. An 11-person team, no external funding, and nearly $1B in free cash flow. But the numbers, as impressive as they are, have never been the most interesting thing about Hyperliquid. What makes this protocol genuinely unprecedented is something harder to measure: the way the team treats people. Users are not metrics to be extracted from. Community members are not a marketing channel. Contributors are not cheap labor. At every step, the decisions made by Jeff and this team have reflected a set of human values that the financial industry, in its long history, has rarely if ever seen at this scale. That is what makes Hyperliquid worth writing about. That is what makes it worth dedicating years of work to.
The road ahead is long and uncertain. Regulation will be a defining variable. Competition will intensify. The expansion into real-world assets, prediction markets, and eventually the broader financial system will test the protocol in ways 2025 could not. We would be dishonest if we pretended otherwise, and this report has tried not to be dishonest.
But here is what we know with certainty: we have never encountered a team with this combination of execution speed, technical depth, and ethical clarity. Those three things rarely coexist. When they do, they compound. Whatever obstacles emerge, we have no doubt about this team's ability to meet them — not just effectively, but in a way they and their community can be proud of.
It is a privilege to be part of this ecosystem, and it is a privilege to have produced this report. Months of research, data work, writing, debate, and collaboration across Four Pillars, GLC Research, and all the different contributors went into every page. We believe it is the best work either of us has published. We hope it has helped people around the world understand what is being built here — not just a protocol, not just an exchange, but the infrastructure for a financial system: the blockchain to house all of finance.
We look forward to everything still to come. Stay tuned, the Q1 report is also on the way.
Hyperliquid."
This piece means so much to me and everyone who contributed to it. It is the best work we've ever produced, one of the most comprehensive Annual Reports a blockchain has ever had, in my opinion. I'm so proud of it and of everyone who helped make it possible.
To close, I'll share my closing note from the report:
"As this report draws to a close, we want to step back from the data for a moment and say something more personal.
What Hyperliquid has built in 2025 is not just financially remarkable — it is historically so. An 11-person team, no external funding, and nearly $1B in free cash flow. But the numbers, as impressive as they are, have never been the most interesting thing about Hyperliquid. What makes this protocol genuinely unprecedented is something harder to measure: the way the team treats people. Users are not metrics to be extracted from. Community members are not a marketing channel. Contributors are not cheap labor. At every step, the decisions made by Jeff and this team have reflected a set of human values that the financial industry, in its long history, has rarely if ever seen at this scale. That is what makes Hyperliquid worth writing about. That is what makes it worth dedicating years of work to.
The road ahead is long and uncertain. Regulation will be a defining variable. Competition will intensify. The expansion into real-world assets, prediction markets, and eventually the broader financial system will test the protocol in ways 2025 could not. We would be dishonest if we pretended otherwise, and this report has tried not to be dishonest.
But here is what we know with certainty: we have never encountered a team with this combination of execution speed, technical depth, and ethical clarity. Those three things rarely coexist. When they do, they compound. Whatever obstacles emerge, we have no doubt about this team's ability to meet them — not just effectively, but in a way they and their community can be proud of.
It is a privilege to be part of this ecosystem, and it is a privilege to have produced this report. Months of research, data work, writing, debate, and collaboration across Four Pillars, GLC Research, and all the different contributors went into every page. We believe it is the best work either of us has published. We hope it has helped people around the world understand what is being built here — not just a protocol, not just an exchange, but the infrastructure for a financial system: the blockchain to house all of finance.
We look forward to everything still to come. Stay tuned, the Q1 report is also on the way.
Hyperliquid."
Hyperliquid Annual Report 2025
Today, we're excited to release Hyperliquid's 2025 Annual Report.
What Hyperliquid, the core team, and hundreds of contributors have built this year is largely unprecedented in financial history. This report is our attempt to capture that extraordinary year with the rigor it deserves.
A few months ago, we created HRC because we felt a clear need to reduce information asymmetry and lower entry barriers for new participants through independent research. We hope this report helps do exactly that.
For us, it is a privilege to be part of this ecosystem and to have produced this work. Months of research, data work, debate, and collaboration across Four Pillars, GLC, and all our contributors went into every page. It means a lot to share it today, so please, let us know what you think and how we can improve the reporting going forward.
Enjoy the read. Some excerpts below, with the link to the full PDF.
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