A Year of Tread

Over 365 days, we routed $12.37 billion in trading volume on Hyperliquid, recorded 40.26 million individual trade executions and saw 5,108 wallet addresses trade through Tread for the first time. Trading activity appeared on every day of the measured year.

For a trading terminal built around execution, those are milestones worth marking. Tread brings exchange accounts and algorithmic trading tools into one interface. Our Hyperliquid activity provides a public record of the trading that passed through this part of the platform.
We announced our Hyperliquid integration on 5 February 2025, several months before the period covered here.

By the start of this measured year, Hyperliquid was already part of our trading terminal.

Using data from Flowscan, built by our data provider Hydromancer, for 9 October 2025–8 October 2026, we looked back at the volume, participation and busiest moments that defined our year.

A year at scale

Source: Flowscan’s daily Tread activity data for the reporting period.

The scale extended beyond a handful of exceptional sessions. We recorded at least $10 million in trading volume on 302 days, at least $50 million on 92 days, and at least $100 million on 18 days.

These groups overlap: a $100 million day also counts towards the lower thresholds.

Building into a billion-dollar quarter

The final quarter of 2025 brought a substantial increase in activity. From 9 October, when this review began, October recorded $103.88 million in trading volume, followed by $1.39 billion in November and $1.04 billion in December.

Together, those months contributed $2.54 billion and 1,962 first-time Tread-routed wallets. November alone recorded 1,264 of those first-time wallets. Average daily active wallets rose from roughly 63 in October to 224 in November.

A standout start to 2026

January–March was our strongest full calendar quarter in the reporting window: $5.16 billion in trading volume across 16.29 million executions. That quarter accounted for approximately 42% of the year’s volume and added 2,360 wallets making their first Tread-routed trade.

January led the year by monthly volume, reaching $1.92 billion. February followed with approximately 463 active wallets per day on average, the highest monthly daily average in the period.

Our busiest day by wallet participation was 28 January, when 592 wallet addresses traded through Tread. That day’s activity totalled $109.73 million across 293,729 executions and 115 markets. Hyperliquid’s official daily trading records confirm Flowscan’s figures: the volume, execution count and number of active wallets matched exactly.

Inside the $186 million trading day

Our largest day by volume came on 3 March 2026: $186.20 million across 511,393 executions, involving 501 active wallet addresses and 97 markets. Again, the official trading records reproduced Flowscan’s volume, execution count and active-wallet total exactly.

The six largest markets by volume accounted for the following activity:

Names in parentheses distinguish the markets listed on Hyperliquid. Different markets can reference the same asset, which is why silver appears twice. This table describes 3 March, not the year’s market rankings.

The day’s trading covered index-linked markets, precious metals and Bitcoin. USA500 was the largest contributor, accounting for just over two-thirds of the day’s volume. The remaining activity was spread across the other 96 markets.

A trade behind the totals

Anyone can also inspect an individual Tread-routed gold trade on Flowscan. This execution had a value of approximately $339.09.

Hyperliquid’s transaction record explicitly identifies Tread as the platform through which the order was routed and confirms that the order succeeded.

That gives the year-in-review a concrete example anyone can follow, alongside the larger daily totals. The two full-day checks support the highlighted milestones; they are not an independent audit of every trade in the annual total.

Activity across the full year

April and May each added more than $1.3 billion in trading volume. Volume eased during the summer, then picked up in September, although activity remained below the early-year peaks.

In September, average daily volume was 47.7% higher than August’s, and average daily active wallets were 19.9% higher. These comparisons use daily averages because August has one more day than September.

Throughout those changes in pace, we recorded trading activity on every day of the measured year.

More places to trade, more ways to use the terminal

Alongside the trading activity, we continued to expand our exchange connections and update our tools. We announced that Extended was live on 10 December 2025, followed by Bitget on 19 December.

Those integrations widened our terminal’s exchange access beyond the Hyperliquid activity measured in this review.

Between those announcements, we introduced Market Maker/Grid Bot v2.0 on 16 December. The update added more controls for automated trading, including a way to reset trading grids, profit-and-loss-based stop losses and clearer reporting of trading gains and losses.

On 10 June 2026, we introduced Terminal Layout Mode, with customizable layouts, additional charts, grouped tabs and a newsfeed. It gave traders more ways to organize their workspace.

Near the end of the reporting year, we announced that TIP-1 fee tiers were live on 22 September, with discounts based on recent trading volume and TREAD holdings.

On 29 September, we announced TIP-2 on the Points page, including fee-savings tracking and participation in exchange incentives that we might receive in the future. Those future incentives were conditional, not guaranteed.

In traders’ own words

In November 2025, @wronguser000 described running market-making on XYZ100 through Tread “without any hassle”, compared with repeatedly tweaking custom automation. Their verdict: “Can heavily recommend”.

In July 2026, @sosuuu___ shared a practical discovery: our terminal let them monitor positions across perpetual exchanges.

On 30 August 2026, @NPC_68 wrote: “Using it early taught me a lot about MM bots.” They said that knowledge helped them build their own bots for other exchanges.

The year, on record

On 29 November 2025, David Jeong shared the mission slide from what he described as our first pitch deck, from November 2022. It called for building on crypto’s openness and transparency and making trading applications more accessible. Looking back, he wrote: “the mission was coded all along”.

Our Hyperliquid year includes a $5.16 billion quarter, a $186.20 million trading day and thousands of wallets trading through Tread for the first time. Across the full period, it adds up to $12.37 billion in volume and more than 40 million individual executions.

Those achievements are recorded on our Flowscan dashboard, where anyone can explore the activity behind this year in review.

One Final One: Qube Research & Technologies backs Tread.fi!

On 1 October 2026, Bloomberg reporter Muyao Shen reported that Qube Research & Technologies (QRT) had invested in Tread.fi as part of an expansion of its digital-asset trading business.

This announcement included an investor statement describing our self-hosted platform as a way for firms to retain control of their trading workflows and data. The statement concluded: “Our investment reflects our conviction in the team, the product and the long-term evolution of digital asset market structure.”

The news adds institutional backing to a year of recorded trading activity and product development. The investment is separate from the H yperliquid trading figures above.

On stage at TOKEN2049 Singapore

Panel 1, “Building the Hyperliquid Economy”, at HypurrCo Gathers in Singapore, 8 October 2026.

On 8 October 2026, the final day of this review, we joined HypurrCo Gathers during TOKEN2049 Singapore. The gathering was presented by Hyperliquid Strategies, the Hyperliquid Policy Center and Insilico Terminal, and we were among its sponsors.

David Jeong spoke on the opening panel, “Building the Hyperliquid Economy”, moderated by Alex of Nansen, alongside Taha of Paragon and Gyomei of Outcome. It was a fitting way to close a year spent building on Hyperliquid: on stage with other teams shaping the ecosystem.
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Data analysis by Hydromancer, our data provider and the team behind Flowscan.

Sources

1. How Flowscan defines its trading statistics — Source
2. Tread.fi official website — Source
3. Flowscan: Tread daily trading data — Source
4. Hyperliquid: official trading records for 3 March 2026 — Source
5. Hyperliquid: official trading records for 28 January 2026 — Source
6. Hyperliquid: official trading records for 29 September 2026 — Source
7. Flowscan: historical trade records — Source
8. Hyperliquid: transaction record used to verify the linked trade — Source
9. Flowscan: the linked Tread-routed gold trade — Source
10. Tread announces its Hyperliquid integration — Source
11. David Jeong revisits Tread’s original mission — Source
12. Market Maker/Grid Bot v2.0 announcement — Source
13. Extended integration announcement — Source
14. Bitget integration announcement — Source
15. Terminal Layout Mode announcement — Source
16. TIP-1 fee tiers announcement — Source
17. TIP-2 Points page announcement — Source
18. Muyao Shen reports Qube’s investment in Tread.fi — Source
19. Tread confirms Qube Research & Technologies backing — Source
20. WRONGUSER on easier trading automation — Source
21. sosu on monitoring positions across exchanges — Source
22. NPC68 on learning from Tread’s bots — Source
23. HypurrCo Gathers at TOKEN2049 Singapore, event page and schedule — Source