📊 Hyperliquid earned $68.5 million in a month, but HYPE’s challenge isn’t revenue
The broader market is falling, but one set of numbers is holding up remarkably well.
Figures compiled by several researchers on X: Hyperliquid generated about $68.5 million in protocol revenue over the past 30 days, averaging roughly $2.3 million a day. HIP-3 (which lets developers launch markets for commodities, stocks, indices, and more) now accounts for about 37% of weekly trading volume. Cumulative revenue has topped $1.4 billion, and almost all of it has gone toward HYPE buybacks.
Two more data points:
🔹 According to Alea Research, in Q3 Hyperliquid captured about 58.0% of open interest in on-chain perpetuals, but only 38.6% of trading volume
🔹 HYPE has risen from about $2 at launch to around $78 today. When it launched on November 29, 2024, 31% of the supply was airdropped to early users, with no allocation to private investors
My take:
Open interest share far exceeding volume share suggests that big-money traders are willing to keep positions here for the long term—they’re not just here to churn volume. That says more than a trading-volume ranking alone.
But strong revenue doesn’t guarantee a stable token price. The title of one analysis post put it plainly: the business is getting healthier, but the token has a supply problem. Buybacks create ongoing buying pressure; unlocks create ongoing selling pressure. Which side is bigger will determine the trend.
So rather than fixating on record monthly revenue, it’s worth looking at the unlock calendar alongside daily buyback amounts. And as HIP-3’s share grows, so do the risks around pricing and market-closure gaps in stock and commodity markets.
One unavoidable question remains: revenue is high while the market is hot—but how much of it can Hyperliquid sustain when the market cools?
Do you think HYPE buybacks can absorb the unlocks, or will the weakness show as soon as revenue declines? Share your thoughts in the comments 👇
#Hyperliquid #HYPE #永续合约 #DeFi