Hyperliquid's monthly active addresses hit a record high.

BlockBeats news, September 21: Hyperliquid's monthly active addresses reached 291,900 as of September 18, 2026, hitting a record high and marking a sharp increase from about 225,000 in July. After previous fluctuations, active addresses showed a clear accelerating upward trend from August to September.

The strong user growth indicates rising adoption of the perpetual contract DEX. The key risk is whether this growth can translate into sustained trading volume and revenue, or whether it will fade as market cycles change.