The analysis tracked nearly 400,000 wallets trading Hyperliquid perps through six retail apps: Phantom, MetaMask, Rabby, Trust Wallet, Invo and fomo. About $126M of the $280M in losses came since November 10, 2025, with fees accounting for slightly more than half of that amount. Typical deposits were $30–$60, except at Rabby. Monthly active traders more than tripled from November to September, but only about one in seven new traders remains active after three months. BTC drove nearly half of volume, and on BTC, fees alone exceeded trading gains.

AI summary of the linked source — not editorial content.

Story signal · how it spread on X · via Elfa

as of
Spread
i
Distinct X and Telegram accounts Elfa counted behind this story’s reports, summed over the thread. Not posts, not impressions.
5 accounts

first post
Leviathan +11.1 h later

HYPE reaction
i
Price change from the first post to 24 hours later (Hyperliquid). BTC over the same window is shown so a market-wide move is not mistaken for a reaction to this story. Not advice.
+1.8% 24h after post

$78.67 → $80.05
BTC +1.3% same window

Thread · 1 event
  1. First reportResearch finds Hyperliquid retail-app users down $280 million all-time5 acc.
  2. Leviathan published this article

All times UTC.

Cited posts

  • @HansonBirringer HansFirst reportOn X ↗

    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. https://t.co/2xuyz5bJBG

  • @hypurrdash HyperdashOn X ↗

    Our latest research report dives into the rising phenomenon of retail consumer apps onboarding their users to Hyperliquid via buildercodes. While this has been an integral part of the growth story for HYPE, the health of these users has continued to decline. They bring… https://t.co/EKjhNWD3Ed

  • @mdudas Mike DudasOn X ↗

    across 400k retail traders who access hyperliquid via 3rd party apps, cumulative losses were $280m more money was lost to app fees vs trading losses and retention was abysmal as most retail got rekt // via @hypurrdash https://t.co/ePKAV6UbvZ

Show 1 more cited post
  • @alemartcard Alejandra Martinez ⛏️On X ↗

    Interesting analysis. These 6 Hyperliquid apps show retention more similar to online gaming than traditional trading apps and prediction markets Hyperliquid: ~14% still trading at 90 days Online Gaming: ~8-12% Polymarket: ~30% Traditional trading apps (funded cohorts): est.… https://t.co/oUQjak9vmq

1 more account posted about this · 1 Telegram channel (no public link)

TradersTrader calls tracked by Elfa · not advice

Positioning · HYPE

Open1,382 open positions · 1,298 long · 84 short

Tracked accounts lean long about 97% of the time, so a long-heavy book is normal, not a signal. As of 19 Oct 09:48 UTC.

Reaction since the first post

Since 18 Oct 22:47 UTC4 calls opened · 4 long · 0 short

Whole crypto market, not this story

Crowding33rd percentile · vs last 28 days, 50 typical
Pulse 24h21/100 · unusualness of new calls, 0–100, 50 typical, higher means more long than usual
Book97.3% long · 11,174 accounts

As of 19 Oct 09:50 UTC.

Social-monitoring data, not investment advice Elfa prices Hyperliquid post text from Xas of

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