We tracked 400,000 traders through six retail apps on Hyperliquid. They bring traders, volume and fees every month, but users are down $280M all-time. Over half of what they lost through the apps went to fees, and one in seven is active after 3 months.

Singapore, thank you for an incredible week. It meant a lot to spend time in person with the people building, trading and contributing to Hyperliquid, beyond timelines and group chats. Thank you to @HyperliquidX and @chameleon_jeff, with special appreciation for @Valinorae and @jaygee_hl for the Hyperliquid Community Event 2026. The care behind the evening showed, and it was good to see so many international communities in one room. To @hypurr_co, @kirbyongeo, @NarwhalTan and @0xVelocity88: thank you for HypurrCo Gathers, and for the work you put into bringing this ecosystem together all year. We were glad to support the gathering. A relaxed afternoon at event.hl was a welcome break from the conference schedule. @_LetMeDo_, @rightclcksaveas and @hyperbeat, thank you for hosting. Thank you to @HL_forum, @Yield_Summit and @Grayscale for the Hyperliquid Forum. We were proud to be a title sponsor and to support the conversations between institutions and the teams building on Hyperliquid. A lot of the work behind these events never makes it into the photos. To the organizers, hosts, staff, speakers and fellow sponsors: we appreciate you. And to everyone who stopped by to say hello, thank you for making the week memorable. See you at the next one. Until then, there's plenty more to build.

Hyperliquid built the exchange. HyperLink is building the broker. We raised $2.5M from @Alliance @NorthIslandVC @hi_Reverie @Node_Cap @breed_vc @smartestmoney Lowest fees. Private flow. Best execution. Last month: $254M routed, 0.1% of Hyperliquid volume. Next: 10% of HL.