HyperLiquid

HyperLiquid generated $1.2B in gross revenue from Dec 2024 to Mar 2026 (459 days), with $1.1B retained as net revenue. $1.1B accrued to HYPE token holders. Its primary token utilities include Network Security, Staking Rewards, Staking Access, Fee Discounts, Status Tiers, Gas Token, Service Payments, and Delegated.

This averages $$2.6M in daily gross revenue across the tracked period.

HYPE accrues value through 2 mechanisms: Buyback & Burn and Direct Token Burn.

• Buyback & Burn: The Assistance Fund operates as an automated buyback mechanism converting trading fees to HYPE tokens that are permanently removed from circulation. The fund uses a system address with no private key, making extraction technically impossible, and accumulated approximately 37 million HYPE by mid-December 2025.
• Direct Token Burn: HyperEVM transaction fees including both base fees and priority fees are burned via the EIP-1559 mechanism, sent to address zero and removed from circulation without any market buyback step.

Yes, HyperLiquid burns or redistributes HYPE tokens via Buyback & Burn, Direct Token Burn. In 2026, approximately $186.3M worth of value was returned to token holders through these mechanisms.

Yearly token holder distributions:

• 2026: $186.3M
• 2025: $873.7M
• 2024: $10.5M

HYPE serves 8 primary functions within the HyperLiquid ecosystem: Network Security, Staking Rewards, Staking Access, Fee Discounts, Status Tiers, Gas Token, Service Payments, and Delegated. The protocol generates fees from user activity, with a portion distributed back to HYPE holders. Value flows back to token holders through Buyback & Burn and Direct Token Burn.

Token utilities:

• Network Security: HYPE is staked in a delegated proof-of-stake consensus model where validators require a minimum self-delegation of 10,000 HYPE locked for one year, and delegators lock tokens for one day with a 7-day unstaking queue.
• Staking Rewards: Stakers earn rewards following a dynamic formula inversely proportional to the square root of total HYPE staked, accruing every minute and distributed daily with automatic recompounding to the staked validator.
• Staking Access: Deploying perpetual markets via HIP-3 requires staking 500,000 HYPE for at least 30 days, and builder deployments on HyperEVM require staking 1 million HYPE to join a Dutch auction for a deployment slot.
• Fee Discounts: Staking HYPE unlocks tiered fee discounts ranging from 5% at the Wood tier (10+ HYPE) to 40% at the Diamond tier (500,000+ HYPE), applying to trading fees across perpetuals and spot markets.
• Status Tiers: Six explicitly named tiers exist: Wood, Bronze, Silver, Gold, Platinum, and Diamond, each with escalating fee discount perks and volume contribution bonuses for aligned stablecoin quote assets.
• Gas Token: HYPE is the native gas token on HyperEVM, required for all transaction fees on the EVM layer with both base fees and priority fees burned via the EIP-1559 mechanism.
• Service Payments: Deploying spot tokens via HIP-1 requires winning a 31-hour Dutch auction denominated in HYPE, and additional perpetual assets beyond the first three require Dutch auction bids in HYPE.
• Delegated: Users delegate staked HYPE to validators who declare stances on governance proposals, with final outcomes determined by the weight of delegated staked tokens rather than validator count alone.

Value accrual mechanisms:

• Buyback & Burn: The Assistance Fund operates as an automated buyback mechanism converting trading fees to HYPE tokens that are permanently removed from circulation. The fund uses a system address with no private key, making extraction technically impossible, and accumulated approximately 37 million HYPE by mid-December 2025.
• Direct Token Burn: HyperEVM transaction fees including both base fees and priority fees are burned via the EIP-1559 mechanism, sent to address zero and removed from circulation without any market buyback step.

Read our deep dive: HyperLiquid tokenomics analysis.

In 2026, HyperLiquid generated $208.2M in gross revenue. Of that, $186.3M was distributed to token holders, $22.0M went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $208.2M gross revenue — $186.3M to holders, $22.0M to supply-side
• 2025: $961.5M gross revenue — $873.7M to holders, $87.8M to supply-side
• 2024: $11.1M gross revenue — $10.5M to holders, $605.9K to supply-side

HyperLiquid's gross revenue has decreased by 25.4% over the past 90 days compared to the prior 90-day period, from $283.4M to $211.4M.

• Recent 90d daily average: $2.4M/day
• Prior 90d daily average: $3.1M/day