Hyperliquid's cumulative protocol revenue has surpassed 1 billion USD, and it has repurchased and destroyed over 41 million HYPE tokens

The decentralized perpetual contract trading platform Hyperliquid achieved a cumulative protocol revenue of over $1 billion by June 30, 2026. The platform's trading volume in the first quarter of 2026 was approximately $492 billion, making it the second largest by trading volume after Coinbase.

About 97% to 99% of Hyperliquid's protocol fees are used for public market buybacks of HYPE through the Assistance Fund, with over 41 million tokens repurchased and burned, valued at over $1 billion. Hyperliquid operates its own blockchain, and HIP-3 allows users to create permissionless asset markets based on price feeds. Protocol revenue mainly comes from opening and closing trading fees, as well as fees charged for creating new markets; the funding rate is regularly exchanged between long and short positions, and the protocol does not retain that portion of funds.