On Thursday, the Hyperliquid Research Collective (HRC) released the first-quarter (Q1) blockchain report on Hyperliquid (HYPE). The report highlights strong progress in several core areas, as well as weaker performance in others. 

The document also points to a broader narrative for the platform, arguing that Q1 brought Hyperliquid closer to its “House of All Finance” vision—even as wider market conditions made the quarter tough by historical standards.

Hyperliquid Records 70% Outperformance Vs Bitcoin

According to the , Hyperliquid generated $215 million in gross revenue during Q1. That figure was paired with a buyback of 4.9 million HYPE tokens, underscoring the firm’s emphasis on token value support. 

Despite the declines seen in some operational metrics, the HYPE token delivered standout results, climbing 444% across the quarter. The report says this allowed HYPE to outperform Bitcoin (BTC) by 70% over the same period.

At the same time, not every measure moved higher. The report notes that holder revenue fell 33%, perpetual (perp) volume dropped 15%, and average open interest compressed 23%. 

The report attributes these changes to the environment the market was in, describing Q1 as the worst quarter for the market since 2018. In that context, fell 26%, and total crypto market capitalization recorded outflows of more than $900 billion, which the report frames as a major drag on activity and income.

The Hyperliquid report also breaks down how the quarter unfolded. Hyperliquid’s quarter low was $1.16 billion in January, marking a 20% decline compared with the end of 2025. 

It says that February and March helped stabilize the picture, with March emerging as the strongest month for locked liquidity. Specifically, (TVL) rose from $1.4 billion to a peak of $1.8 billion, before settling by quarter-end at $1.69 billion.

“House Of All Finance’ Gains Traction

Activity on the Hyperliquid side remained an important bright spot. The report shows HIP-3 deployer volume grew sharply—from nearly $25 billion in January to $68 billion in March—and finished the quarter at 33% of daily perp volume. 

Looking at broader , Hyperliquid reported that total HyperEVM DEX volume declined 40% quarter-over-quarter (QoQ), landing at $9.2 billion compared with $15 billion recorded during the fourth quarter of last year.

Beyond the numbers, the Q1 Hyperliquid report emphasizes that this quarter felt different in terms of the company’s strategic positioning. HRC says Q1 was the moment when Hyperliquid’s “House of All Finance” thesis became “undeniable.” 

The Hyperliquid Research Collective report ties that claim to developments that landed around the same time, including a benchmark update: S&P Dow Jones Indices, through an officially licensed benchmark, signed with Tradexyz, identifying the Hyperliquid HIP-3 deployer dominance as a key part of the ecosystem. 

The report also points to institutional and investment momentum, noting that Grayscale, VanEck, and Bitwise submitted filings for HYPE exchange-traded funds (ETFs). The report further highlights expanding institutional support, including the addition of to Hyperliquid for institutional clients. 

At the time of writing, Hyperliquid’s native token, HYPE, was trading at $42, having recorded losses of 1.7% over the previous 24 hours. Nevertheless, it is one of the best performers of the second quarter so far, having gained 17% over the past thirty days. 

Featured image created with OpenArt, chart from TradingView.com