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 BitcoinDespite 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 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.
“House Of All Finance’ Gains TractionActivity 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.
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.
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
