The purpose of this annual report is to provide a clear overview of everything that happened in 2025, while also taking a closer look at Hyperliquid’s financial metrics. We believe Hyperliquid is the closest thing this industry has seen to a publicly listed equity: an exchange providing the infrastructure to trade a wide range of assets, both spot and perpetuals, while allocating 99% of its profit margin to buying back its own token, HYPE.

Given Hyperliquid’s growth trajectory, its increasing institutionalization through DATs now trading on Nasdaq, and its unique buyback mechanism, we believe there was a clear need for a TradFi-style annual report. The goal is to help investors around the world better understand Hyperliquid’s financial performance in a clear and digestible way as the need for transparency and high-quality reporting continues to grow. 

Several months ago, GLC and Four Pillars identified the need for a dedicated, independent research hub focused on Hyperliquid. This led to the creation of HRC: the Hyperliquid Research Collective. With the support of entities such as Hyperion, Hyperliquid Strategies, B-Harvest, and HypurrCollective, we are committed to reducing information asymmetry around Hyperliquid and producing accessible reports, analyses, and research. We are grateful to our sponsors for their continued support.

Another purpose of this annual report is to serve as a written trace of this moment in Hyperliquid’s history, the way a book preserves a defining chapter in a larger story. 2025 was not just a year of growth, but a year that felt extraordinary from the inside.

An 11-person team generating nearly $1B in free cash flow in such a short period of time is something that deserves to be documented, not just measured. Beyond the numbers, this report is meant to capture the scale, the intensity, and the significance of what was built during this remarkable year.

We hope you enjoy this first annual report, which captures an exceptional year for Hyperliquid.