Hyperliquid Revenue Surpasses $1.4B as HYPE Buybacks Top $1.26B
Hyperliquid’s cumulative protocol revenue has surpassed $1.4 billion, with more than $1.26 billion spent on open-market repurchases of its native HYPE token, according to a new report by Castle Labs. The report also found that Hyperliquid commands more than 56% of the onchain perpetual futures market by open interest.
The report highlighted Builder Codes, a mechanism that allows third-party wallets and applications to integrate Hyperliquid’s trading infrastructure and offer perpetual futures trading without developing their own systems. The model enables partners to generate revenue while expanding 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.
The findings underscore Hyperliquid’s evolution from a decentralized perpetual futures exchange into a broader trading infrastructure platform. Its combination of trading activity, third-party integrations and $HYPE buybacks creates a direct link between protocol usage and demand for the token.
However, sustained revenue growth and token repurchases do not guarantee future price appreciation, which also depends on market conditions, competition and the protocol’s ability to maintain trading activity.
Hyperliquid’s cumulative protocol revenue has surpassed $1.4 billion, with more than $1.26 billion spent on open-market repurchases of its native HYPE token, according to a new report by Castle Labs. The report also found that Hyperliquid commands more than 56% of the onchain perpetual futures market by open interest.
The report highlighted Builder Codes, a mechanism that allows third-party wallets and applications to integrate Hyperliquid’s trading infrastructure and offer perpetual futures trading without developing their own systems. The model enables partners to generate revenue while expanding 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.
The findings underscore Hyperliquid’s evolution from a decentralized perpetual futures exchange into a broader trading infrastructure platform. Its combination of trading activity, third-party integrations and $HYPE buybacks creates a direct link between protocol usage and demand for the token.
However, sustained revenue growth and token repurchases do not guarantee future price appreciation, which also depends on market conditions, competition and the protocol’s ability to maintain trading activity.