Hyperliquid Surpasses $1.4B in Cumulative Revenue, With Over $1.26B Directed to $HYPE Buybacks
According to a new report by Castle Labs, Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, of which more than $1.26 billion has been used for open-market repurchases of its native HYPE token. The report also found that Hyperliquid holds over 56% of the onchain perpetual futures market by open interest.
The report draws particular attention to Builder Codes, a mechanism that enables third-party wallets and applications to integrate Hyperliquid's trading infrastructure and offer perpetual futures trading without building their own systems. This model allows partners to earn revenue while extending Hyperliquid's user reach. Phantom has generated more than $25 million in cumulative revenue through Builder Codes, while MetaMask has earned over $10.5 million.
These findings point to Hyperliquid's evolution from a decentralized perpetual futures exchange into a broader trading infrastructure platform. The combination of trading activity, third-party integrations, and HYPE buybacks establishes a direct link between protocol usage and token demand.
That said, sustained revenue growth and token repurchases do not guarantee future price appreciation, which also depends on market conditions, competitive dynamics, and the protocol's ability to maintain trading activity.
According to a new report by Castle Labs, Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, of which more than $1.26 billion has been used for open-market repurchases of its native HYPE token. The report also found that Hyperliquid holds over 56% of the onchain perpetual futures market by open interest.
The report draws particular attention to Builder Codes, a mechanism that enables third-party wallets and applications to integrate Hyperliquid's trading infrastructure and offer perpetual futures trading without building their own systems. This model allows partners to earn revenue while extending Hyperliquid's user reach. Phantom has generated more than $25 million in cumulative revenue through Builder Codes, while MetaMask has earned over $10.5 million.
These findings point to Hyperliquid's evolution from a decentralized perpetual futures exchange into a broader trading infrastructure platform. The combination of trading activity, third-party integrations, and HYPE buybacks establishes a direct link between protocol usage and token demand.
That said, sustained revenue growth and token repurchases do not guarantee future price appreciation, which also depends on market conditions, competitive dynamics, and the protocol's ability to maintain trading activity.