According to an onchain perpetuals market research report by Castle Labs, Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, with more than $1.26 billion spent on open-market HYPE buybacks. It holds over 56% of the onchain perpetuals market by open interest.

The report notes that Hyperliquid's Builder Codes mechanism gives third-party wallets and apps access to its trading infrastructure, allowing them to integrate perpetuals trading and earn revenue without building their own systems. Phantom has earned more than $25 million in cumulative revenue through the mechanism, while MetaMask has earned over $10.5 million.