Hyperliquid Revenue Tops $1.4B as HYPE Buybacks Exceed $1.26B
Hyperliquid’s cumulative protocol revenue exceeded $1.4 billion by 7 October, according to Castle Labs. Native perpetual futures generated about $1.2 billion, or 88.7% of revenue; spot trading contributed $50.1 million and HIP-3 perpetuals $29.2 million. Other revenue sources include auctions, HyperEVM activity, priority burns and yield on USDC reserves.
The reports say 95% of protocol fees go towards HYPE buybacks, with more than $1.26 billion spent on open-market purchases. Strata Terminal estimates that the Assistance Fund holds about 47.9 million HYPE—14.4% of circulating supply—rather than permanently burning the tokens. Hyperliquid’s open interest reached a record $9 billion, while Castle Labs estimates the platform represents more than 56% of on-chain perpetual futures open interest.
The figures highlight Hyperliquid’s derivatives-market scale and a revenue-linked source of HYPE demand. But cumulative revenue is not net profit, and buybacks do not guarantee price gains. Traders should also monitor token unlocks, liquidity, trading activity and broader market conditions.
Bullish
The revenue figures and reported buybacks are supportive of HYPE because they suggest sustained platform activity and a mechanism that directs a large share of protocol fees towards open-market token purchases. Hyperliquid’s record $9 billion in open interest and its estimated share of on-chain perpetual futures activity also point to strong use of the platform. In the short term, these figures may improve sentiment and encourage traders to view buybacks as a source of demand. Over the longer term, that support depends on continued trading volumes and fee generation. The signal is not conclusive: cumulative revenue is not profit, the buyback tokens are held by the Assistance Fund rather than permanently removed from supply, and the purchases do not guarantee appreciation. Unlocks, liquidity and broader market conditions could offset buyback demand.