A recent analysis reveals that a large portion of users on the Hyperliquid platform, associated with futures trading, face losses. Out of 1,000 traders, only 166 turned a profit, raising questions about the trading dynamics on this platform.
The Hyperliquid Market and Its Traders
On the Hyperliquid platform, only 166 out of 1,000 traders were profitable, which is merely 16.6% of the total. According to data provided by Hyperdash analytics in June 2025, the average loss per trader amounted to $5,600 a day. Nevertheless, 170 traders managed to earn over $10 million, with most starting from significant capital.
Reasons for Trader Losses
Hyperliquid enables users to trade perpetual futures, which can be leveraged. This can result in amplified profits but also increases the risk of losses. A small price fluctuation can wipe out a trader’s entire position. Traders with small accounts are particularly vulnerable, leading many to suffer significant losses. Additionally, commissions and other fees negatively impact overall trading outcomes. Studies have shown that in traditional markets, most futures traders also incur losses over time.
Hyperliquid’s Growing Share in the DeFi Market
Despite user losses, Hyperliquid commands over 60% of the decentralized finance (DeFi) market share for perpetuals. The platform has recorded $188 billion in trading volume over a 30-day span, far surpassing competitors. Hyperliquid’s share of Binance’s trading volume increased from 2% in October 2024 to 9% by June 2025. If this trend persists, it could potentially reach 20% by the end of the year.
The increasing interest in decentralized platforms like Hyperliquid signals changes in trading approaches. However, a significant number of traders incur losses, highlighting the importance of understanding the risks associated with such investments.
