HYPE: 56% of on-chain perpetuals market share, $1.4B in revenue, $1.26B in buybacks
The latest data from $HYPE really stands out.
Total revenue: over $1.4 billion.
Total buybacks: over $1.26 billion.
On-chain perpetuals market share: over 56%.
The most noteworthy feature is Builder Codes.
HYPE did something many protocols hadn’t thought of: it opened up its trading infrastructure to third parties, allowing them to integrate and earn revenue without building their own systems.
The results are clear:
Phantom: over $25 million in cumulative revenue
MetaMask: over $10.5 million in cumulative revenue
These wallets didn’t build their own perpetuals trading systems. Instead, they integrated HYPE’s Builder Codes, routed order flow through them, and shared in the revenue.
The report shows that perpetuals trading volume is 4.7x spot volume, accounting for over 82% of total crypto trading volume over the past 30 days.
CEX perpetuals: over $4.56 trillion in trading volume over the past 30 days
DEX perpetuals: just $614.5 billion
However, the on-chain perpetuals market share is rising rapidly:
2024: 4%
Now: over 13%
HYPE is a key driver of this growth. It accounts for over 56% of on-chain perpetuals open interest.
With $1.4 billion in revenue, $1.26 billion in buybacks, and 56% market share, Hyperliquid has shown that decentralized venues can compete with CEXs on nearly every metric.
The latest data from $HYPE really stands out.
Total revenue: over $1.4 billion.
Total buybacks: over $1.26 billion.
On-chain perpetuals market share: over 56%.
The most noteworthy feature is Builder Codes.
HYPE did something many protocols hadn’t thought of: it opened up its trading infrastructure to third parties, allowing them to integrate and earn revenue without building their own systems.
The results are clear:
Phantom: over $25 million in cumulative revenue
MetaMask: over $10.5 million in cumulative revenue
These wallets didn’t build their own perpetuals trading systems. Instead, they integrated HYPE’s Builder Codes, routed order flow through them, and shared in the revenue.
The report shows that perpetuals trading volume is 4.7x spot volume, accounting for over 82% of total crypto trading volume over the past 30 days.
CEX perpetuals: over $4.56 trillion in trading volume over the past 30 days
DEX perpetuals: just $614.5 billion
However, the on-chain perpetuals market share is rising rapidly:
2024: 4%
Now: over 13%
HYPE is a key driver of this growth. It accounts for over 56% of on-chain perpetuals open interest.
With $1.4 billion in revenue, $1.26 billion in buybacks, and 56% market share, Hyperliquid has shown that decentralized venues can compete with CEXs on nearly every metric.