Hyperliquid’s cumulative protocol revenue exceeded $1.4 billion as of October 7, with native perpetual contracts accounting for $1.2 billion, or 88.7%, according to Odaily. Spot revenue totaled $50.1 million, HIP-3 perpetual contract revenue reached $29.2 million, and the rest came from auctions, USDC reserve income and HyperEVM gas fees. More than $1.26 billion has been used to buy back HYPE.