---
title: "Hyperliquid Statistics 2026: Perp DEX, TVL, and HYPE Token Data"
date: 2026-08-21
author: "Barry Elad"
featured_image: "https://coinlaw.io/wp-content/uploads/2026/08/hyperliquid-statistics.jpg"
categories:
  - name: "Cryptocurrency"
    url: "/crypto.md"
tags:
  - name: "Statistics"
    url: "/tag/statistics.md"
---

# Hyperliquid Statistics 2026: Perp DEX, TVL, and HYPE Token Data

Hyperliquid’s parent-protocol total value locked stood at **$5.903 billion** on 2026-06-24 across the Hyperliquid L1 chain and its Arbitrum bridge, with **$245.244 billion** in trailing 30-day perpetual-futures volume against a category total of **$672.49 billion**, per DefiLlama on-chain aggregation. That works out to a **36.47%** share of the entire perp DEX category. Parent TVL splits across the L1 chain and the Arbitrum bridge, with an all-time peak of **$6.170 billion** logged on 2025-09-21. L1 chain holdings round to **$5.537 billion**. Arbitrum bridge holdings round to **$366.4 million**.

The protocol’s lead over the rest of the perp DEX field is wider than aggregate stats suggest. Hyperliquid’s 30-day reported volume of **$245.244 billion** sits roughly **4x** above the next-largest competitor, Aster, at **$61.42 billion**. The data below covers TVL trajectory, perp DEX volume and market share, open interest, HYPE token metrics, the Assistance Fund buyback pool, validator distribution, and the multi-year compounding curve from the protocol’s June 2023 launch baseline. Every figure carries an as-of date of 2026-06-24 unless noted otherwise.

## Key Takeaways

- Hyperliquid parent TVL on 2026-06-24 stood at **$5.903 billion**, split across the Hyperliquid L1 chain and the Arbitrum bridge. L1 chain: **$5.537 billion**. Arbitrum bridge: **$366.4 million**.
- The perp DEX out-scaled the next-largest competitor at **$61.42 billion** by roughly four times on trailing 30-day volume. That works out to a **36.47%** share of the perp DEX category’s trailing 30-day volume.
- Hyperliquid open interest reached **$9.019 billion**, representing **59.67%** of all perp DEX OI of **$15.115 billion**.
- The HYPE token traded at **$60.44** with a market cap of **$13.446 billion**, ranked **\#10** by market cap on CoinGecko.
- Assistance Fund wallet has accumulated **44,528,131 HYPE** through fee-funded buybacks.
- **5 of the top 10** Hyperliquid validators are Hyper Foundation entities, controlling a combined **48.90%** of staked HYPE.
- Trailing 30-day Hyperliquid revenue reached **$63.01 million** against **$79.77 million** of fees, an implied **78.99%** routing ratio to the Assistance Fund.

## Editor’s Choice

- Hyperliquid parent TVL: **$5.903 billion** as of 2026-06-24.
- Perp DEX 30-day reported volume: **$245.244 billion**.
- Perp DEX open interest: **$9.019 billion**, representing **59.67%** of all perp DEX OI.
- HYPE market cap: **$13.446 billion**, ranked **\#10** on CoinGecko.
- HYPE fully diluted valuation: **$57.747 billion**.
- Hyperliquid all-time fees since launch: **$1.378 billion**.
- HYPE all-time high: **$76.70** on 2026-06-16.

## Hyperliquid Total Value Locked (TVL)

- Parent protocol TVL reached **$5.903 billion** on 2026-06-24, combining the Hyperliquid L1 chain and the [Arbitrum](https://coinlaw.io/arbitrum-statistics/) bridge under one parent dimension on DefiLlama.
- Hyperliquid L1 chain holds **$5.537 billion** of that total, with **$366.4 million** sitting on the Arbitrum bridge.
- The all-time TVL peak is approximately **$6.170 billion**, logged on 2025-09-21.
- Parent TVL **30 days prior** to the snapshot date stood at approximately **$5.529 billion**.
- Parent TVL **90 days prior** (2026-03-27) sat at approximately **$4.871 billion**.
- Parent TVL **180 days prior** (2025-12-27) measured approximately **$4.141 billion**.
- Parent TVL **365 days prior** (2025-06-25) stood at approximately **$3.707 billion**, marking a **59%** rise over the trailing 12 months.
- The DefiLlama TVL series for Hyperliquid begins on **2023-06-09**, anchoring a three-year compounding curve from a near-zero baseline.

| TVL Horizon | Value | Reference Date |
|---|---|---|
| Current (parent) | $5.903 billion | 2026-06-24 |
| Hyperliquid L1 chain | $5.537 billion | 2026-06-24 |
| Arbitrum bridge | $366.4 million | 2026-06-24 |
| 30 days prior | $5.529 billion | 2026-05-25 |
| 90 days prior | $4.871 billion | 2026-03-27 |
| 180 days prior | $4.141 billion | 2025-12-27 |
| 365 days prior | $3.707 billion | 2025-06-25 |
| All-time peak | $6.170 billion | 2025-09-21 |

*Source: DefiLlama Hyperliquid parent protocol*

Looking at the broader [DeFi market data](https://coinlaw.io/decentralized-finance-market-statistics/) pillar, TVL series that compound from near-zero baselines tend to reach plateau ranges within three to four years. Hyperliquid’s parent TVL is sitting roughly **4%** below its all-time peak with a positive 12-month delta. A TVL series that lands within 5% of its ATH while still posting positive year-over-year growth is the structural picture of a protocol approaching capacity rather than fading. Volume share is even more lopsided than TVL share; the perp DEX dominates its category.

## Hyperliquid Perp DEX Volume and Market Share

- Hyperliquid logged **$245.244 billion** in trailing 30-day reported perpetual-futures volume on 2026-06-24, against a category total of **$672.49 billion**.
- That gives Hyperliquid a **36.47%** share of the trailing 30-day perp DEX volume across all platforms DefiLlama tracks.
- On a 24-hour basis, Hyperliquid’s **$9.812 billion** normalized volume against the category’s **$22.548 billion** drives a **43.52%** 24-hour share, higher than the 30-day average.
- Reported 24-hour volume was **$9.776 billion**; reported 7-day volume reached **$48.616 billion**.
- The next-largest perp DEX, Aster, posted **$61.42 billion** in 30-day reported volume, roughly one-quarter of Hyperliquid’s print.
- ApeX Protocol came in third on 30-day volume at **$51.252 billion**, followed by Lighter at **$45.012 billion** and Grvt at **$40.475 billion**.
- The category posted a Weekly Change of **-4.31%** in perp volume, per DefiLlama’s category aggregate.

| Perp DEX | 30-Day Reported Volume | 24-Hour Normalized Volume | Open Interest |
|---|---|---|---|
| Hyperliquid | $245.244 billion | $9.812 billion | $9.019 billion |
| Aster | $61.42 billion | $1.694 billion | $1.71 billion |
| ApeX Protocol | $51.252 billion | $1.519 billion | $107.8 million |
| Lighter | $45.012 billion | $1.342 billion | $716.07 million |
| Grvt | $40.475 billion | $1.387 billion | $358.47 million |

*Source: DefiLlama Perps category, 2026-06-24*

> **By the numbers:** DefiLlama records Hyperliquid at **$245.244 billion** in trailing 30-day perp volume against a **$672.49 billion** category total, with **$48.616 billion** in 7-day reported volume. The 4x gap to Aster’s $61.42 billion print is the widest single-quarter dominance reading in the category since DefiLlama began tracking perp DEXs.

Open interest tells a sharper story than volume share alone.

## Recent Developments

- **2026-06-24**: Hyperliquid parent TVL stood at **$5.903 billion**, with **$5.537 billion** on the L1 chain and **$366.4 million** on the Arbitrum bridge, per DefiLlama on-chain aggregation.
- **2026-06-24**: Hyperliquid captured **36.47%** of the perp DEX category’s **$672.49 billion** trailing 30-day volume, a 4x gap over the next-largest competitor (Aster at **$61.42 billion**).
- **2026-06-24**: Hyperliquid open interest reached **$9.019 billion** (**59.67%** of category OI of **$15.115 billion**), per DefiLlama Perps category.
- **2026-06-16**: HYPE printed a new all-time high of **$76.70** per CoinGecko historical-data series; the token has since traded between **$59.18** and **$63.02**.
- **2026-06-24**: Hyperliquid revenue for the trailing 30 days reached **$63.01 million**, of which approximately **99%** routes to the Assistance Fund, a community buyback pool that has accumulated **44,528,131 HYPE**.
- **2026-06-24**: 5 of the top 10 Hyperliquid validators are Hyper Foundation entities, collectively controlling **48.90%** of staked HYPE per Hypurrscan.

## Hyperliquid Open Interest and the OI-Volume Gap

- Hyperliquid open interest stood at **$9.019 billion** on 2026-06-24, against a perp DEX category total of **$15.115 billion**.
- That yields an OI share of **59.67%**, well above the **36.47%** 30-day volume share.
- The next-largest perp DEX by OI is Aster at **$1.71 billion**, roughly one-fifth of Hyperliquid’s OI.
- Lighter holds **$716.07 million** in OI, Grvt **$358.47 million**, and ApeX Protocol only **$107.8 million** despite ranking third on volume.
- Hyperliquid’s OI share (**59.67%**) runs well above its 30-day volume share (**36.47%**), a roughly 23-point gap. A spread of this size is consistent with positions held overnight skewing larger than the day-to-day trading flow alone would suggest.

 Perp DEX by Open Interest  OPEN INTEREST · Open Interest (USD) · Source: DefiLlama Perps category, 2026-06-24    OPEN INTEREST · COINLAW ANALYSIS Perp DEX by Open Interest  Open Interest (USD)   DefiLlama Perps · 2026          10B 7.5B 5B 2.5B 0   $9.019B Hyperliquid  $1.71B Aster  $716.07M Lighter  $358.47M Grvt  $107.8M ApeX Protocol  $4.20B Remaining tracked perp DEXs    SOURCE DefiLlama Perps category, 2026-06-24      A 23-point spread between OI share and 30-day volume share is the cleanest signal in this dataset that institutional-sized capital concentrates on Hyperliquid even when flow disperses elsewhere; readers tracking [crypto exchange market share data](https://coinlaw.io/crypto-exchange-market-share-statistics/) should treat OI as the leading indicator, not 24-hour volume.

The spot side of the orderbook scales differently from perps.

## Hyperliquid Spot DEX Volume

- Hyperliquid’s spot orderbook handled **$147.32 million** in trading volume in the trailing 24 hours on 2026-06-24.
- Seven-day spot volume reached **$989.37 million**, a rough multiple of seven over the daily print.
- Thirty-day spot volume came in at **$6.036 billion** on the Hyperliquid Spot Orderbook adapter.
- All-time spot trading volume since launch reached **$156.874 billion** on the Hyperliquid L1 chain.
- The DefiLlama dimension adapter tracks Hyperliquid Spot Orderbook as a child protocol of the Hyperliquid parent, separate from the perp adapter.

 Spot Volume Horizon by Value  VALUE · Value (USD) · Source: DefiLlama Hyperliquid Spot DEX, 2026-06-24    VALUE · COINLAW ANALYSIS Spot Volume Horizon by Value  Value (USD)   DefiLlama Hyperliquid · 2026          200B 150B 100B 50B 0   $147.32M 24-hour  $989.37M 7-day  $6.036B 30-day  $156.874B All-time    SOURCE DefiLlama Hyperliquid Spot DEX, 2026-06-24      Spot volume sits at roughly **2.5%** of the perp print on a 30-day basis ($6.036 billion vs $245.244 billion). The protocol is overwhelmingly a perpetual-futures venue, with spot trading running as a secondary surface. Fees flow predictably from volume, and most route somewhere unusual.

## Hyperliquid Fees, Revenue, and the Assistance Fund

- Hyperliquid generated **$2.58 million** in fees in the trailing 24 hours on 2026-06-24.
- Seven-day fees reached **$15.06 million** across the combined perp and spot adapters.
- Trailing 30-day fees came in at **$79.77 million**, with all-time fees since launch totaling **$1.378 billion**.
- Trailing 24-hour revenue was **$1.93 million**, with 7-day revenue of **$11.51 million**.
- Trailing 30-day revenue reached **$63.01 million**, and all-time revenue stands at approximately **$1.176 billion**.
- Hyperliquid Spot Orderbook adapter methodology states that **99%** of fees route to the Assistance Fund for buying HYPE tokens, excluding unit-protocol fees.
- Before 2025-08-30, the supply-side share was **3%**, with the remainder including unit-protocol fees; the current split sends **1%** to HLP Vault suppliers and **99%** to the Assistance Fund.

| Timeframe | Fees | Revenue | Implied Routing |
|---|---|---|---|
| 24-hour | $2.58 million | $1.93 million | 74.81% |
| 7-day | $15.06 million | $11.51 million | 76.43% |
| 30-day | $79.77 million | $63.01 million | 78.99% |
| All-time | $1.378 billion | $1.176 billion | 85.34% |

*Source: DefiLlama Hyperliquid fees and revenue summaries, 2026-06-24*

> **Why it matters:** Trailing 30-day revenue of **$63.01 million** combined with the **99%** Assistance Fund routing rule (per DefiLlama methodology) translates fee generation directly into HYPE buy-pressure. Assistance Fund wallet has accumulated **44,528,131 HYPE** through these buybacks, a structural mechanism that compounds with every active trading day.

With the revenue line covered, the next surface to read is the HYPE token itself.

## HYPE Token Price, Market Cap, and Trading Volume

- The HYPE token traded at **$60.44** on 2026-06-24, ranking **\#10** by market cap on CoinGecko’s global aggregation.
- Market capitalization reached **$13.446 billion** based on the circulating supply data CoinGecko aggregates from on-chain wallets.
- Daily trading volume across 66 exchanges and 83 markets totaled **$690.88 million** on 2026-06-24.
- Trailing 1-year return on HYPE is **+58.7%**, with a 7-day return of **+19.4%** and a 24-hour change of **+2.4%**.
- The 24-hour range on 2026-06-24 ran from **$59.18** to **$63.02**, with HYPE currently sitting **-21.2%** below its all-time high.
- HYPE’s all-time high is **$76.70**, printed on 2026-06-16, eight days before the snapshot date.
- The all-time low is **$3.81**, set on 2024-11-29; the current price represents a **+1486.9%** gain from that floor.
- CoinGecko reports a BTC-equivalent price of **0.001014 BTC** per HYPE, useful for cross-asset benchmarking against [Bitcoin’s all-time high reference](https://coinlaw.io/bitcoin-all-time-high-statistics/).

| HYPE Token Metric | Value | Reference |
|---|---|---|
| Spot price | $60.44 | 2026-06-24 |
| Market cap | $13.446 billion | CoinGecko, 2026-06-24 |
| Market cap rank | \#10 | CoinGecko |
| 24-hour trading volume | $690.88 million | CoinGecko |
| 24-hour range | $59.18 to $63.02 | 2026-06-24 |
| All-time high | $76.70 | 2026-06-16 |
| All-time low | $3.81 | 2024-11-29 |
| 1-year return | +58.7% | CoinGecko |

*Source: CoinGecko HYPE coin page, 2026-06-24*

Price tells a snapshot story; supply tells the longer-term one.

## HYPE Token Supply, Treasury, and FDV

- HYPE circulating supply on 2026-06-24 stood at **222,445,714 HYPE**, per CoinGecko’s estimated circulating calculation.
- Total chain supply reached **955,307,079 HYPE**, against a coded maximum of **1,000,000,000 HYPE**.
- Hyper Foundation wallet (0xd57e) holds **60,202,862 HYPE**, the third-largest non-circulating allocation.
- The HyperLabs wallet (0x43e9) holds **241,501,992 HYPE**, the second-largest single non-circulating allocation.
- Future Emissions wallet (0xdddd) holds **428,062,211 HYPE**, the protocol’s largest pool of pending supply.
- Assistance Fund wallet (0xfefe) holds **44,528,131 HYPE**, accumulated through fee-funded buybacks.
- Community Grant wallet (0xa20f) holds **3,094,299 HYPE**, subtracted from the circulating-supply calculation.
- Total treasury holdings (HYPE held by public companies and governments) reached **19,724,727 HYPE** as of 2026-06-24.
- Fully diluted valuation (FDV) measured **$57.747 billion**, with a market-cap-to-FDV ratio of **0.23**, meaning roughly **23%** of the maximum supply is currently circulating.

| Wallet / Category | HYPE Holdings | Address Suffix |
|---|---|---|
| Future Emissions | 428,062,211 HYPE | 0xdddd |
| HyperLabs | 241,501,992 HYPE | 0x43e9 |
| Hyper Foundation | 60,202,862 HYPE | 0xd57e |
| Assistance Fund | 44,528,131 HYPE | 0xfefe |
| Community Grant | 3,094,299 HYPE | 0xa20f |
| Treasury holdings (public co. / govt.) | 19,724,727 HYPE | N/A |

*Source: CoinGecko HYPE supply breakdown, 2026-06-24*

The supply numbers set up the staking concentration that follows.

## HYPE Token Staking, Validator Concentration, and Historical Returns

- Hyper Foundation 2 (0xa82f) is the single-largest Hyperliquid validator, holding **55.54 million HYPE** at **12.73%** of staked supply.
- Hyper Foundation 3 (0x80f0) holds **55.41 million HYPE** at **12.70%** of the stake.
- Hyper Foundation 1 (0x5ac9) holds **52.44 million HYPE** at **12.02%** of stake.
- Hyper Foundation 4 (0xdf35) holds **34.68 million HYPE** at **7.95%** of the stake.
- Hyper Foundation 5 (0x66be) holds **15.28 million HYPE** at **3.50%** of stake, completing the **5 Foundation entities** inside the top 10.
- Anchorage By Figment (0x420a) is the largest non-Foundation validator at **26.73 million HYPE** (**6.13%** of stake) with a **10%** commission rate.
- Hypurrscanning, the L1 explorer’s validator, holds **23.18 million HYPE** at **5.31%** of stake.
- Hyperliquid Strategies x Unit, a partnership with the Nasdaq-listed PURR ticker, holds **22.44 million HYPE** at **5.14%** of stake.
- Historical staking returns logged on Hypurrscan: **41.53%** full-year 2024, **15.73%** full-year 2025, and **6.14%** year-to-date through 2026-06-24.
- Year 2026 monthly returns broke down as January **+6.40%**, February **+0.08%**, March **+0.10%**, April **-0.52%**, May **+0.11%**, June **-0.01%**, per the Hypurrscan yield table.

| Validator | Staked HYPE | % of Stake | Foundation? |
|---|---|---|---|
| Hyper Foundation 2 | 55.54 million | 12.73% | Yes |
| Hyper Foundation 3 | 55.41 million | 12.70% | Yes |
| Hyper Foundation 1 | 52.44 million | 12.02% | Yes |
| Hyper Foundation 4 | 34.68 million | 7.95% | Yes |
| Anchorage By Figment | 26.73 million | 6.13% | No |
| Hypurrscanning | 23.18 million | 5.31% | No |
| Hyperliquid Strategies x Unit | 22.44 million | 5.14% | No |
| Nansen x HypurrCollective | 22.21 million | 5.09% | No |
| infinitefield.xyz | 17.97 million | 4.12% | No |
| Hyper Foundation 5 | 15.28 million | 3.50% | Yes |

*Source: Hypurrscan staking dashboard, 2026-06-24*

Aggregating the five Hyper Foundation entities (HF-1 through HF-5) yields a combined stake share of **48.90%** of staked HYPE concentrated under Foundation control. Foundation-affiliated validators controlling nearly half of staked HYPE is a legitimate counterweight; readers should price against the marquee TVL figure. Concentration of stake under one umbrella reduces credible-neutrality signals even when the underlying TVL grows.

The historical returns table is descriptive, not predictive; past staking yields on Hypurrscan reflect on-chain protocol economics specific to each calendar year and carry no implication of forward-looking returns. The trajectory section reframes scale against the protocol’s launch baseline.

## Hyperliquid’s Multi-Year TVL Trajectory

- Parent TVL on 2023-06-26 stood at approximately **$0.003 billion**, just weeks after the DefiLlama series began on 2023-06-09.
- One year later, on 2024-06-25, parent TVL reached approximately **$0.382 billion**, a roughly **127x** rise in the first year.
- On 2025-06-25, the protocol had compounded to approximately **$3.707 billion**, close to a **10x** jump in year two.
- As of 2026-06-24, parent TVL sits at **$5.903 billion**, a roughly 1,966x rise from the June 2023 baseline over three calendar years.
- The all-time peak of **$6.170 billion** on 2025-09-21 was reached **27 months** after the DefiLlama series began tracking the protocol.

| Reference Date | Parent TVL | Time From Launch Baseline |
|---|---|---|
| 2023-06-26 | $0.003 billion | ~3 weeks |
| 2024-06-25 | $0.382 billion | ~12 months |
| 2025-06-25 | $3.707 billion | ~24 months |
| 2025-09-21 | $6.170 billion (ATH) | ~27 months |
| 2026-06-24 | $5.903 billion | ~36 months |

*Source: DefiLlama Hyperliquid parent protocol historical series*

Looking across the [global crypto adoption data](https://coinlaw.io/cryptocurrency-adoption-by-country-statistics/) pillar, three-year compounding curves from near-zero baselines are typically driven by primary-market token issuance rather than organic TVL. Hyperliquid’s curve sits in the small minority of protocols where the TVL series matches the timeline of native trading activity. Within that trajectory, the L1-vs-Arbitrum split reshaped after the Hyperliquid L1 chain launched.

## Hyperliquid L1 vs Arbitrum, The Chain-Split TVL Picture

- Hyperliquid L1 chain currently holds **$5.537 billion** of the parent TVL, or roughly **93.8%** of the combined figure.
- Arbitrum bridge holds the remaining **$366.4 million**, or roughly **6.2%** of the parent total.
- DefiLlama records the parent TVL split across two chains, the Hyperliquid L1 chain and the Arbitrum bridge.
- Hyper Foundation’s official site positions Hyperliquid as a Layer 1 blockchain, describing the network as a hyper-performant chain for building projects and exchanging assets; DefiLlama’s protocol description adds that the ecosystem supports borrowing, lending, RWAs, and a full-fledged EVM.
- The DefiLlama protocol description records two chains under the Hyperliquid parent: the Hyperliquid L1 chain and the Arbitrum bridge.

 Chain by TVL  TVL · TVL (USD) · Source: DefiLlama Hyperliquid parent protocol, 2026-06-24    TVL · COINLAW ANALYSIS Chain by TVL  TVL (USD)   DefiLlama Hyperliquid · 2026          6B 4.5B 3B 1.5B 0   $5.537B Hyperliquid L1  $366.4M Arbitrum bridge  $5.903B Parent total    SOURCE DefiLlama Hyperliquid parent protocol, 2026-06-24      That chain-split context positions Hyperliquid alongside its perp DEX peers.

## Hyperliquid vs Other Perp DEXs (Aster, Lighter, ApeX, Grvt)

- The top 10 perp DEXs tracked by DefiLlama on 2026-06-24 collectively traded **$672.49 billion** in 30-day volume across the category.
- Aster sits in second place with **$61.42 billion** in 30-day reported volume, a 4x gap to Hyperliquid’s print.
- ApeX Protocol ranks third at **$51.252 billion**, ahead of Lighter at **$45.012 billion**.
- Grvt rounds out the upper tier at **$40.475 billion** in 30-day volume.
- ApeX’s 24-hour OI is **$107.8 million**, the lowest among top-five perp DEXs by volume despite its third-place volume ranking.
- The category’s perp Volume 24h aggregate stood at **$22.548 billion** on 2026-06-24.

| Rank | Perp DEX | 30-Day Volume | OI |
|---|---|---|---|
| 1 | Hyperliquid | $245.244 billion | $9.019 billion |
| 2 | Aster | $61.42 billion | $1.71 billion |
| 3 | ApeX Protocol | $51.252 billion | $107.8 million |
| 4 | Lighter | $45.012 billion | $716.07 million |
| 5 | Grvt | $40.475 billion | $358.47 million |

*Source: DefiLlama Perps category, 2026-06-24*

The compression between ranks 2 and 5 is tight. Aster ($61.42 billion), ApeX ($51.252 billion), Lighter ($45.012 billion), and Grvt ($40.475 billion) all fall inside a **$21 billion** band, while Hyperliquid sits roughly **$184 billion** above that band on 30-day volume. Readers benchmarking the perp DEX field against centralized venues can cross-reference [crypto exchange volume statistics](https://coinlaw.io/crypto-exchange-statistics/) for the wider centralized market backdrop. Most fees route into a buyback pool; here’s how that pool actually works.

## The HYPE Buy-Back Pool: How the Assistance Fund Works

- Assistance Fund methodology on DefiLlama records that approximately **99%** of fees go to the Assistance Fund for buying HYPE tokens, excluding unit protocol fees.
- The supply-side allocation rule sends **1%** of fees to HLP Vault suppliers; before 2025-08-30, it was **3%** plus fees for the unit protocol.
- **The methodology explicitly notes:** *“ProtocolRevenue: Protocol doesn’t keep any fees”*, meaning Hyperliquid, the protocol, does not accumulate a treasury from operations.
- Assistance Fund wallet (0xfefe) currently holds **44,528,131 HYPE**.
- At the spot price of **$60.44**, the Assistance Fund’s HYPE holdings carry an implied dollar value of approximately **$2.691 billion** as of 2026-06-24.

| Metric | Value | Source |
|---|---|---|
| Fee routing rule (current) | 99% to Assistance Fund | DefiLlama methodology |
| Pre-2025-08-30 supply-side share | 3% | DefiLlama methodology |
| HYPE accumulated | 44,528,131 HYPE | CoinGecko (Hypurrscan address sourcing) |
| Implied dollar value at spot | ~$2.691 billion | At $60.44 per HYPE |
| Trailing 30-day revenue routed | $63.01 million | DefiLlama revenue summary |

*Source: DefiLlama Hyperliquid revenue methodology and CoinGecko HYPE supply, 2026-06-24*

The 99% routing rule turns trading fees into a structural buyback engine, so revenue growth flows back into HYPE buy-pressure rather than into a protocol treasury. Buyback-as-burn designs of this shape have become a recurring pattern across crypto token economies and sit at the center of how regulators evaluate token-economic legitimacy.

## How does Hyperliquid make money?

Hyperliquid generates revenue from trading fees on its perp and spot orderbooks, but the protocol itself does not retain the proceeds. Per the DefiLlama methodology disclosure, **99%** of fees route to the Assistance Fund for HYPE buybacks (excluding unit-protocol fees), with **1%** flowing to HLP Vault suppliers. The methodology page explicitly records “ProtocolRevenue: Protocol doesn’t keep any fees”, meaning Hyperliquid’s operating model is structurally pass-through.

The economic loop runs from user trading fees into the Assistance Fund’s HYPE buyback program. Trailing 30-day revenue of **$63.01 million** translates into roughly that dollar amount of HYPE buy pressure each month, with the cumulative wallet now holding **44,528,131 HYPE**. The supply-side share was higher before 2025-08-30 (**3%** plus unit-protocol fees); the current 1%-to-99% split concentrates more value into the buyback engine.

## Is HYPE a security?

The classification of HYPE under US securities law has not been formally determined by the SEC or CFTC as of the snapshot date, and this profile does not offer a legal opinion on the question. Readers tracking how US regulators have approached similar tokens can review the [SEC and CFTC crypto regulatory data](https://coinlaw.io/sec-and-cftc-regulations-on-cryptocurrencies-statistics/) pillar for context on the enforcement patterns applied across major token categories.

CoinGecko ranks HYPE as the **\#10** asset by market cap with a **$13.446 billion** capitalization and **$57.747 billion** FDV, placing it inside the cohort of large-cap tokens that have historically attracted regulatory attention. The validator-concentration profile- **5 of the top 10** validators are Hyper Foundation entities controlling a combined **48.90%** of stake- is one of the structural facts a regulatory analysis would price in. No reliable assertion can be made beyond the descriptive on-chain and market data captured in this profile; legal classification remains an open question that primary regulatory filings will eventually answer.

## How many wallets use Hyperliquid?

Hypurrscan reports validator-level delegator counts ranging from **7 to 11 delegators per top-10 validator**, but does not publish a single aggregate count of unique users across the Hyperliquid L1 chain on the public staking dashboard at the snapshot date. The protocol’s user base is observable through trading-volume distribution and the depth of HYPE holdings across wallets rather than a single headline number.

CoinGecko’s HYPE supply breakdown identifies five large-wallet allocations. Hyper Foundation, HyperLabs, Future Emissions, Assistance Fund, and Community Grant collectively hold **777,389,495 HYPE** of the **955,307,079 HYPE** total chain supply. The remaining **177.9 million HYPE** sits across the broader holder base outside the five large allocation wallets. The broader wallet-holder population context sits inside the [self-custody wallet statistics](https://coinlaw.io/self-custody-wallet-statistics/) pillar, which covers cross-protocol self-custody trends that include Hyperliquid-resident addresses.

## Conclusion

Hyperliquid’s 2026 statistical profile shows a perp DEX category-defining protocol rather than a leader among peers. Parent TVL of **$5.903 billion** sits roughly **4%** below the all-time high of **$6.170 billion** logged nine months earlier, while **$245.244 billion** in 30-day perpetual-futures volume delivers a **36.47%** category share and a 4x gap over the next competitor.

Four structural pillars stand out across the dataset: category-defining perp volume dominance, an institutional-positioning signal in the 59.67% open interest share, the Assistance Fund’s 99% fee-routing mechanic that has accumulated 44,528,131 HYPE of buyback inventory, and Foundation-weighted validator concentration at 48.90% of staked HYPE: the YMYL caveat readers should hold alongside every other figure on this page. As long as fees stay positive, the Assistance Fund mechanic continues to compound circulating-supply pressure, a structural feature rather than a forecast. Every figure here carries an as-of date of 2026-06-24; metrics on a weekly-volatility cadence will reset against the next snapshot window.

Definition of Blockchain. Link to full glossary entry follows the description.**Blockchain**A distributed digital ledger that records transactions across a network, with each block cryptographically linked to the previous one for security.

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Definition of EVM. Link to full glossary entry follows the description.**EVM**The Ethereum Virtual Machine is the runtime environment that executes smart-contract bytecode across every Ethereum node, using a 256-bit stack architecture and [gas](https://coinlaw.io/glossary/gas-fee/)-metered computation.

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Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining.

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Definition of Layer 1. Link to full glossary entry follows the description.**Layer 1**A Layer 1 is the base [blockchain](https://coinlaw.io/glossary/blockchain/) layer that settles its own transactions, enforces its own consensus, and secures its own ledger. Bitcoin, Ethereum, Solana.

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Definition of Cross-Chain. Link to full glossary entry follows the description.**Cross-Chain**Cross-chain is the ability to move data or assets between separate blockchains via bridges, messaging protocols, or interoperability networks.

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