Marcus Uppe

co-founder @tingsxyz, @wouldtrade

[Marcus Uppe @marcuppe]

Hyperliquid is banning people?!

Been seeing a lot of folks being banned from HL frontend recently

So I build a lil app where you can unwind your positions and withdraw

hlout(.)xyz

You're welcome

[Marcus Uppe @marcuppe]

@helwan_mande @HyperliquidX Yup. Most of them support withdrawals, but if you got stuck with an HLP position or staked Hype, it's hard to find a proper place to manage that

[Marcus Uppe @marcuppe]

Hyperliquid is banning people?!

Been seeing a lot of folks being banned from HL frontend recently

So I build a lil app where you can unwind your positions and withdraw

hlout(.)xyz

You're welcome

[Marcus Uppe @marcuppe]

@genki_sudo132 @HyperliquidX Lmk if everything goes smoothly

[Marcus Uppe @marcuppe]

@Sakrexer @HyperliquidX Appreciate it Peggster

[Marcus Uppe @marcuppe]

a lot of cases like this one recently

hlout(.)xyz

[as required. @0xasrequired]

I just got banned from the hyperliquid frontend on 2 of my wallets -- no clue why

I've opened a ticket in the HL discord and I really hope they can fix it. I use HL organically every day and I have deep history across perps, spot, portfolio margin, HIP-4, staking and hyperevm

I mainly use builder frontends, but what I'm concerned about is managing my portfolio margin subaccount because I don't know of a builder app that supports PM yet

this is obviously also very concerning for any future airdrops because I wouldn't be able to sign the T's & C's

I have traded nearly $210M in volume on these wallets

[Marcus Uppe @marcuppe]

@0xasrequired try hlout(.)xyz to unwind positions and withdraw

[Marcus Uppe @marcuppe]

https://t.co/SNGf0amIBG

[Marcus Uppe @marcuppe]

The model 'gpt-image-2' does not exist

@thsottiaux this is not a drill

[Marcus Uppe @marcuppe]

@rekt_gang @chameleon_jeff So fucking surreal to listen to. Also Jack seems to be a nice guy

[Marcus Uppe @marcuppe]

@reisnertobias goated

[Marcus Uppe @marcuppe]

See you in Toronto

[Hyperliquid Canada @hyperliquid_ca]

The moment you Canucks have been waiting for — Hyperliquid comes to Toronto 🇨🇦

A community gathering for builders, traders, and believers in Hyperliquid alongside the @Futurist_conf

Brought to you by @HLglobal_

🗓️ July 21, 5-9pm
📍 Toronto, Canada

RSVP below

[WOULD @wouldtrade]

Every trade on @HyperliquidX is a brick in the House of All Finance. 44.4M hyperliquid:native has been bought and burned through the Assistance Fund since it launched in January 2025, almost 4.5% of total supply, worth roughly $2.66B at today's price. The 1,000+ builders on the platform contribute alongside the native UI, all part of the same buyback engine.

Builders contribute meaningfully to those burns. About 40% of Hyperliquid's daily active users now reach the orderbook through third-party frontends rather than the native UI, and that share is growing as new builders ship for new user segments. The 1,000+ registered builders have earned $78M in builder fees since codes launched in late 2024, with almost $6M in the last 30 days alone. Builder fees are paid out on top of standard protocol fees as the builder's cut for distribution. The standard protocol fees from the same trades flow to the Assistance Fund, where nearly all of them get converted into hyperliquid:native buybacks.

The flywheel is straightforward. More builders bring more users, more users trade more, more trades turn more fees into hyperliquid:native buybacks. Builder fees are the cost of distribution, and hyperliquid:native burn is the proceeds.

The data show the two most distinctive builder categories carrying most of the volume right now, with a third category emerging quickly.

Wallet tier: @phantom ($1.19M revenue, $2.22B volume, -22% MoM), @MetaMask ($686k, -14%), @Rabby_io ($214k, +49%), plus @TrustWallet, which integrated Hyperliquid less than a month ago and now routes its 220M+ user base. These frontends route through the wallets users already have on their phones. Per-user fees are thin, $56-81 across the group, but Phantom alone has ~19k monthly active Hyperliquid users, more than the rest of the wallet tier combined.

Pro tier: @BasedOneX ($297k revenue, $999M volume, -47% MoM) stands out as an all-in-one super-app combining perps, spot, prediction markets, and a crypto card. @tread_fi ($299k, $1.5B, +22%), @InsilicoTrading ($123k, -11%), @OneKeyHQ perps ($148k, +737%), @pear_protocol ($53k, -14%), @minara ($165k, -15%), @hypurrdash ($43k, +5%), plus @legendtrade , @liquidtrading , and @useTria . Per-user revenue ranges from $56 to $397, depending on whether the product serves quants, mobile-first traders, pair traders, AI-assisted active accounts, or super-app users. Both this tier and the wallet tier route trades into the same orderbook and into the same Assistance Fund.

HIP-3 deployers are the third category, growing fastest of all. These builders deploy their own perpetual markets on Hyperliquid's infrastructure: tokenized stocks, equity indices, pre-IPO synthetics, and other novel assets that wouldn't exist on the platform without them. @tradexyz (built by @unitxyz) dominates with over 90% of the $2.5B HIP-3 open interest. @markets_xyz by @kinetiq_xyz brought equity indices to Hyperliquid in January 2026, and their mobile app called Markets opens these markets to traders who would rather prefer a mobile experience over a desktop trading terminal. @felixprotocol runs HIP-3 markets across equities and commodities. @dreamcash brings synthetic equities and commodities to a mobile-first audience, with Tether-backed liquidity. @ventuals enables long/short positions on private companies before they go public. HIP-3 markets charge double the standard Hyperliquid fees, with 50% going to the deployer as revenue and the other 50% flowing into the Assistance Fund alongside fees from frontend-routed trades. Different mechanism, same buyback engine.

This breakdown focuses on perp trading frontends and HIP-3 deployers. The broader Hyperliquid ecosystem also includes a thriving HyperEVM layer building lending, yield, liquid staking, and DeFi primitives. Those builders contribute to the ecosystem in different ways but aren't directly captured in this analysis.

https://t.co/xcrL53m7uB earns $397 per user across fewer than 1k unique users in 30 days, generating $1.5B in volume from that small base. The rest of the pro tier sits at $56-320 per user. The wallet tier sits at $56-81. HIP-3 deployers monetise through that 50% fee share rather than per-user fees, a different economic structure entirely.

The user base behind those numbers is more concentrated than the topline suggests. The 15-20k daily actives across the ecosystem include bots, institutional algo wallets, and HFT accounts, especially in the pro tier where @tread_fi and Insilico each report under 1k users generating $1B+ in monthly volume. The actual count of human discretionary traders on Hyperliquid is meaningfully smaller. That same small base has already generated enough fees to burn almost 4.5% of hyperliquid:native supply. Scale the base, scale the burn.

Most of what looks like growth right now is rotation between existing products. The big wallets and mobile-first apps are pulling 20-50% lower revenue month-on-month, largely because additional frontends keep splitting the same 15-20k base. Total ecosystem revenue is still climbing, but the user count is not moving in step. The next leg of growth depends on new users actually entering perps. Institutional channels are one path: 21Shares listed the first US spot hyperliquid:native ETF on Nasdaq on May 12 (THYP), with Bitwise launching BHYP on NYSE three days later as the first crypto ETF to stake hyperliquid:native in-house. Combined inflows have crossed $74M as of May 23, with $25.5M coming in a single session on May 20. Bitwise also pledged 10% of BHYP management fees back into hyperliquid:native buybacks. hyperliquid:native itself hit a new all-time high above $64 on May 24.

New consumer frontends are the other path. Where growth is concentrated right now is in builders that look different from the existing leaders. @tread_fi up 22%, @legendtrade up 792% on its gamified social perps launch, OneKey perps revenue up 737% on the month, @tradexyz expanding into pre-IPO synthetic perps. Each one brings a different shape of user into the same buyback engine.

What's been winning across consumer trading products outside crypto is the feed itself: a scrollable surface of real-time opportunities with enough structure attached that a user can act on them directly. The feed is how perps reach the everyday trader who has a view but doesn't want to start from a blank chart. That trader is potentially the largest unaddressed segment in crypto right now, and the per-user economics across the entire builder map suggest there is room for many products to serve them.

Simple products that abstract crypto away and just let people trade are where the next wave of users comes from. Every new frontend like this adds trades that buy and burn more hyperliquid:native. The House of All Finance rises with every new builder. We're building one of those consumer-friendly products at @wouldtrade. Closed beta soon.

[Marcus Uppe @marcuppe]

@DegenerateNews @solana @toly @HyperliquidX @chameleon_jeff @PhoenixTrade lmao

[Marcus Uppe @marcuppe]

@MBxxvv I'm a big fan of drip trade tbh, used it since day 1

[Marcus Uppe @marcuppe]

@perps breaking: Solana Perps acquires some retards. Hyperliquid reply-guys are not for sale

[Marcus Uppe @marcuppe]

@x256xx @wouldtrade - private beta soon, we'll send you an invite

[WOULD @wouldtrade]

As we all cheer for another Hyperliquid win, here is the TLDR on the article we published last week:

Active traders need a simple interface if we want perps to scale truly.

1/7

[Marcus Uppe @marcuppe]

See a lot of people shitting on @izebel_eth and papertrade

Idk I like it, a new cool primitive. And probably the first novel idea built on hyperevm

Waiting for the launch!

[Marcus Uppe @marcuppe]

@NMTD8 @izebel_eth how can you be LP to this? You literally can't, reread the docs

[Marcus Uppe @marcuppe]

would

[WOULD @wouldtrade]

The screens you watch, the accounts you follow, the noise you let through. All of it shapes the position before you even enter it.

Most traders spend their energy on execution and almost none on what they're feeding into it.