Top 10 Hyperliquid Statistics and Trends

1. Hyperliquid Holds 34.6% of Perp DEX Volume

Of the $626.4 billion traded across decentralized perpetual exchanges in the past 30 days, Hyperliquid handled $216.9 billion, according to DefiLlama's perp DEX rankings. Perpetuals, or perps, are futures contracts without an expiry date. They track an asset's price through funding payments exchanged between long and short positions.

Hyperliquid's 34.6% share is down from roughly 44% in March, although its dollar volume exceeds the $172.6 billion recorded in our May audit. New venues grew faster, reducing its share of an expanding market.

How the lead holds up against the rest of the field:

1. Lead over Aster: Aster recorded $68.1 billion over the same 30 days. Hyperliquid traded 3.2 times that amount, a difference of $148.8 billion. Our Hyperliquid vs Aster comparison explains how the venues differ.
2. Next three combined: Aster's volume, Lighter's $53.9 billion and Variational's $50.9 billion total $173.0 billion. Hyperliquid alone exceeded that by $44.0 billion.
3. Open interest share: Hyperliquid accounts for $8.51 billion of the $14.49 billion in open interest across perp DEXs tracked by DefiLlama, or 58.7%. Open interest measures the value of positions still open, showing capital committed rather than trading turnover.
4. Daily pace: Trading reached $7.33 billion in the last 24 hours and $57.5 billion over seven days. Weekly volume across the sector increased 8.4%.

2. Cumulative Perp Volume Passed $5.38 Trillion

Lifetime Hyperliquid perp volume now stands at $5.387 trillion on DefiLlama, up from $4.402 trillion when we last audited this page in May. The exchange added roughly $985 billion in about four and a half months, averaging around $219 billion a month. That is close to the roughly $246 billion monthly average for 2025, rather than the slowdown we described earlier this year.

ASXN's year-end data put full-year 2025 volume at $2.95 trillion. Across the broader market, CoinGecko's exchange activity report found that perp DEXs increased their share of all perpetual trading from 2.0% in January 2024 to 10.2% in January 2026. It identified Hyperliquid as the only decentralized venue among the ten largest perps exchanges of any kind.

Spot remains a small part of the business, with $5.25 billion traded over 30 days and $168.4 billion since launch. The lifetime figure is about 3% of perp volume. Our perpetual vs spot trading guide explains why leveraged contracts dominate exchange activity. For a broader comparison, see our perpetual futures statistics.

3. Open Interest Reached a Record $18 Billion

On 23 September, Hyperliquid reported a record $18 billion in open interest, surpassing the $16.36 billion high set four days earlier. This bilateral figure counts both the long and short side of each contract. Bitcoin, Ethereum and HYPE contracts contributed around $9.33 billion, while builder-deployed markets for stocks, commodities and indexes represented close to a quarter of the total.

DefiLlama's one-sided measure shows $8.5 billion, giving Hyperliquid 58.7% of perp DEX open interest. The two accounting conventions describe the same positions, so comparisons with centralized exchanges require checking how each venue counts them. DefiLlama also treats tradeXYZ and other builder venues as separate protocols, which further explains its smaller Hyperliquid figure.

Higher open interest puts more leveraged positions, and more value exposed to price movements, on the platform. Liquidations totaled $1.42 billion over the past 30 days and $33.8 billion since launch. Our crypto liquidations dashboard tracks these events across exchanges. The HYPE liquidation heatmap maps concentrations of leveraged HYPE positions, while our funding rates page shows what crowded longs or shorts pay to remain open.

4. Monthly Fees Climbed to $75.4 Million

Fees reached $75.42 million over the past 30 days, a 32% increase from the $56.92 million in our May report. The last seven days contributed $22.13 million, bringing lifetime fees to $1.585 billion. DefiLlama records $918.4 million in fees and $693.7 million in protocol revenue over the trailing year. Most of the difference goes to builders and market makers that bring in trades.

Despite recovering volume, quarterly figures remain below the 2025 peak. Gross protocol revenue reached $356.66 million in the third quarter of 2025, followed by $294.98 million, $217.47 million and $201.83 million in the next three quarters. With a few days remaining, the current quarter stood at $182.69 million and was on course to finish slightly below the previous one.

A larger share of each trade now goes to other participants, explaining why volume has grown faster than fees. Builder code fees reached a quarterly record of $21.38 million, all returned to third-party apps that route orders to Hyperliquid. HIP-3 deployer payments increased from $1.1 million in the first quarter to $8.41 million in the current quarter. Maker rebates accounted for another $7.48 million. Our Hyperliquid fees explained guide details the tiered schedule paid by traders.

5. Buybacks Have Absorbed $1.28 Billion of Revenue

Almost all Hyperliquid profits fund token purchases. According to DefiLlama's methodology, 99% of perp trading fees go to the Assistance Fund, a protocol-controlled account that buys HYPE on the open market. Cumulative revenue directed to the fund has reached $1.279 billion.

Token holder net income was $148.65 million in the second quarter and $136.22 million so far in the third, all spent on HYPE. DefiLlama lists a total supply of 955.31 million against a maximum of 1 billion, implying that roughly 44.7 million HYPE has been permanently removed.

Forbes described the buyback as a mechanism rather than a verdict on HYPE, a distinction we agree with. Trading activity limits how much a fee-funded buyback can spend, as the decline in quarterly revenue since 2025 demonstrates. HYPE holders cannot redeem against the fund, and validators could vote to change the policy.

The buyback pool will soon receive a second source of revenue. AQAv2, short for Aligned Quote Asset version two, directs roughly 90% of the interest on USDC reserves held for Hyperliquid users to the protocol. Payments go to the Assistance Fund every 30 days. Yield started accruing on 26 August, with the first transfer scheduled for 3 October.

The arrangement follows Coinbase's appointment as Hyperliquid's official USDC treasury deployer in May. Native Markets agreed to wind down USDH and give Coinbase the right to buy the stablecoin's brand. At the time, Coinbase estimated USDC on Hyperliquid at about $5 billion, twice the level a year earlier.

6. Builder Markets Generate About 30% of Volume

Under HIP-3, a team can stake 500,000 HYPE to deploy its own perpetual markets on Hyperliquid's matching engine. Since launching in October 2025, these markets have become a core business line. Cumulative volume exceeded $548 billion by early September, and HIP-3 accounted for roughly 30% of all Hyperliquid trading over the preceding 30 days. Deployment rules are covered in our HIP-3 explainer.

One deployer dominates. tradeXYZ handled $202.36 billion in the second quarter, compared with $112.93 billion in the first. Its share of HIP-3 volume rose from 84.5% to 95.1% over that period. In September, when Kraken's parent company announced HIP-3 plans, it noted that a single venue controlled 98% of builder-market open interest.

Equity perpetuals generated $58.9 billion across 55 markets in the second quarter. By August, stock-linked contracts represented 67% of HIP-3 volume, overtaking commodities. Hyperliquid now offers round-the-clock contracts on individual US stocks and private companies such as SpaceX, alongside the S&P 500, gold and crude oil. Real-world asset contracts have grown from about 6% of open interest at the start of the year to around 24%.

Across decentralized venues, real-world asset perpetual volume reached $365 billion in the third quarter, with most traded on Hyperliquid. Our guide to tokenized stock trading exchanges compares the available venues. Private-company contracts are covered in our pre-IPO futures guide.

7. Prediction Markets Opened to Outside Builders

HIP-4 introduces fully collateralized outcome contracts that pay either zero or one depending on whether an event occurs. Full backing removes leverage and liquidation. The framework launched on mainnet on 2 May with a validator-run daily Bitcoin price market, and Hyperliquid reported around $100 million in outcome volume during its first full month. Our HIP-4 explainer examines the contract design.

A network upgrade on 29 August opened deployment to outside builders. They must stake 500,000 HYPE for six months and use templates approved by validators. Deployers can set fees of up to 50% on their own markets. Validators themselves expect to launch fewer than ten canonical markets each year. Within days, Outcome and Skew had posted the required stake and started deploying markets from seven approved templates.

Incentives have inflated early activity. Volume roughly tripled after permissionless deployment began, but about 85% went through Outcome during its $1 million rebate campaign, which paid traders around one cent per dollar traded. The first test is whether that activity continues once rebates end.

Sports templates used in testing have yet to reach mainnet, and US access remains blocked. Our prediction markets explainer and Polymarket vs Kalshi comparison explain the established platforms Hyperliquid is challenging.

8. Native Lending Drew $269 Million on Day One

Users borrowed $269 million in stablecoins during the first 24 hours after Hyperliquid enabled manual borrowing on 18 September. Lending runs within HyperCore, the engine responsible for the order books. Loan collateral therefore sits alongside trading margin instead of in a separate application.

USDC and USDT suppliers earn interest paid by borrowers, with rates determined by how much of the lending pool is in use.

Launch parameters that matter:

1. Loan-to-value limits: Users can borrow up to 65% of their HYPE collateral's value or 50% of their Bitcoin collateral's value. Loan-to-value measures the loan amount divided by the value of its backing.
2. Liquidation thresholds: Partial liquidation begins at an 82.5% ratio for HYPE-backed loans and 75% for Bitcoin-backed loans. Positions that cross these thresholds pass to HyperCore's backstop liquidator, part of the HLP vault.
3. Borrow caps: At launch, borrowing was limited to $500 million in USDC and $10 million in USDT. First-day borrowing filled more than half the available USDC.
4. Interest curve: Stablecoin borrowing starts at 5% a year, with the rate rising once utilization exceeds 80% of supplied funds.

Lending gives HYPE holders access to dollars without selling their tokens, reducing sell pressure as prices rise. A sharp decline would have the opposite effect, pushing loans toward liquidation and forcing collateral sales at an unfavorable time. Any lending market that accepts its own token faces this reflexive risk. Hyperliquid has taken it on while allowing a higher loan-to-value ratio for HYPE than for Bitcoin.

9. Value Locked Rose to $7.49 Billion

DefiLlama puts Hyperliquid's total value locked at $7.49 billion, up 12.6% in 30 days. TVL measures the dollar value of assets deposited into the protocol. The Hyperliquid L1 holds $6.885 billion, with another $605 million in the Arbitrum bridge contract used for most deposits into Hyperliquid. Our total value locked tracker compares the chain with Ethereum, Solana and other networks.

Stablecoin supply totals $7.67 billion. Following the USDH wind-down, USDC represents 98.5% of that amount. HyperEVM, the smart-contract layer that shares Hyperliquid's validators, holds a further $1.26 billion across 320 protocols.

Kinetiq is the largest at $1.3 billion. This liquid staking protocol issues a tradable token in return for staked HYPE. Lending markets HyperLend and Morpho follow at $432 million and $195 million, respectively. DefiLlama's chain view also records about 20,600 active addresses and 373,000 daily transactions.

Hyperliquid powers trading well beyond its own interface. Phantom, MetaMask, Rabby and Trust Wallet offer perpetuals within their wallets using its infrastructure. On 17 September, NEAR Protocol announced perpetual trading with confidential positions built on the same engine. Our top HyperEVM projects roundup covers the wider ecosystem.

10. Wall Street Access Widened Through ETFs and Treasuries

Because US investors cannot trade on Hyperliquid, regulated products have become the main route for American capital into HYPE. The 21Shares Hyperliquid ETF (THYP) debuted on Nasdaq on 12 May. Bitwise's Hyperliquid ETF (BHYP) followed on the NYSE days later, with the Grayscale Hyperliquid Staking ETF (HYPG) joining on 3 June.

An ETF, or exchange-traded fund, holds the token in regulated custody and trades as a stock. Daily flows for each product appear in our Hyperliquid ETF tracker.

Inflows totaled $132 million in May and $161 million in June. JPMorgan analysts described this as the strongest inflow relative to assets of any non-Bitcoin crypto fund. Demand then paused, with July recording a small $4.6 million net outflow.

BHYP's half-year SEC filing showed $128 million in net assets and holdings of just under 1.96 million HYPE at 30 June. Inflows resumed during August and September as HYPE rallied.

Another regulated route is Hyperliquid Strategies, which trades on Nasdaq under PURR. It disclosed 31.8 million HYPE in holdings after purchasing a further $252 million in early September at an average price near $83.40. Its shares gained 30% in one day when the White House signaled support for bringing Hyperliquid onshore. Our Hyperliquid treasury tracker follows all listed holders.

Binance introduced spot HYPE pairs in late September. That listing matters more to global traders who do not use self-custody wallets than to Americans.

HYPE Token Statistics

A business that spends its revenue buying HYPE has helped make the token one of crypto's largest. September brought a succession of record prices.

Key HYPE token metrics to know:

1. Price and record: At the time of writing, HYPE trades at $92.77, up 14.7% over 30 days and 4.8% below its $97.96 all-time high on 23 September. Earlier records came on 6 September at $89.66, on 19 September at $94.46 and again on 21 September. Our HYPE price page provides the live chart.
2. Market value: HYPE's $20.64 billion circulating market capitalization ranks it twelfth among crypto assets on DefiLlama. Fully diluted valuation, which assigns a value to every token that will ever exist, stands at $88.6 billion.
3. Supply: Circulating supply is 222.45 million HYPE, compared with 955.31 million total supply and a 1 billion maximum. Tokens permanently removed after Assistance Fund purchases account for the difference between total and maximum supply.
4. Trading volume: Over the last 24 hours, HYPE recorded $1.24 billion in trading. Decentralized exchanges handled 67%, mostly through Hyperliquid's own spot order book.
5. Staking: Delegating HYPE to validators earns about 2.4% a year and provides exchange fee discounts. Hyperliquid's documentation specifies a seven-day unstaking period. Use our staking calculator to model returns at different stake sizes.
6. Unlocks: Roughly 9.9 million HYPE unlocks monthly for core contributors, drawn from about 238 million tokens vesting over two years. At current prices, monthly protocol buybacks absorb around 630,000 HYPE. Unlocks therefore release considerably more supply than fees remove, though unlocking does not necessarily lead to selling.
7. Validator concentration: A large share of staked HYPE sits with Hyper Foundation-run validators. Hyperliquid Strategies launched a validator with Unit in May, but stake concentration among a few operators remains the main criticism of the network's governance.

Is Hyperliquid Safe?

Hyperliquid has no confirmed history of protocol-code exploits or user funds lost through its bridge. Its documented losses have instead involved market manipulation targeting HLP, the community-owned vault that provides liquidity and absorbs liquidations.

The largest incident occurred in March 2025. Traders engineered a squeeze in the thinly traded JELLYJELLY token, leaving HLP exposed to roughly $13.5 million in losses. Hyperliquid delisted the market, and validators overrode the oracle price to close the position. The intervention protected depositors but drew criticism over centralization.

A similar attack involving POPCAT produced about $4.9 million in HLP bad debt in November 2025. Both incidents exploited high leverage on small coins. Our auto-deleveraging explainer describes the loss-sharing mechanism that serves as a last resort behind HLP.

Deposit security depends on the validator set because releasing bridge funds requires signatures representing more than two-thirds of staking power. Foundation-run validators control much of that stake. Independent verification is also limited by the closed-source matching engine, while native lending introduces another source of forced selling if HYPE's price drops sharply.

Users also face threats outside the protocol. In August, a trader lost $550,000 in USDC through a cloned Hyperliquid site reached via a paid search advertisement. The fake site caused the loss. Our Hyperliquid wallets guide explains how to secure access.

On 15 September, US prosecutors charged two former Robinhood engineers with trading Hyperliquid perps using confidential listing information. Hyperliquid is a venue in the case rather than a defendant, but the charges confirm that investigators can trace onchain trades.

How is Hyperliquid Regulated?

Hyperliquid holds no license in any jurisdiction. The self-custodial protocol's terms of use exclude US persons, Ontario residents and sanctioned jurisdictions, placing responsibility for legal compliance on traders. It has no European MiCA authorization and does not serve UK retail customers.

Current geoblocks appear in our Hyperliquid supported and restricted countries guide. Our article on whether Hyperliquid is available in the USA covers the workarounds Americans use and their risks.

US treatment of perpetuals shifted within a few months. On 29 May, the Commodity Futures Trading Commission issued a perpetual-contract policy and cleared Kalshi's Bitcoin perpetual as a futures product. It became the first true perpetual on a CFTC-registered exchange. CME challenged the agency in June, arguing that perpetuals should be classified as swaps. The lawsuit remains pending.

On 19 August, President Trump said CFTC Chair Michael Selig was working to bring Hyperliquid into the United States in a fully compliant and legal manner. HYPE rose 11% that day, although the statement imposed no specific commitment on the agency.

Payward, Kraken's parent company, outlined a structure on 16 September through plans for permissioned HIP-3 markets serving US clients. Bitnomial, the CFTC-regulated exchange and clearinghouse acquired by Payward in May, would create and administer the markets. NinjaTrader Clearing would hold client accounts, and trading would be restricted to allowlisted accounts. Regulatory approval is still required, with no launch date set.

Separately, Hyperliquid's Policy Center has requested a harmonized SEC and CFTC framework and petitioned alongside tradeXYZ for round-the-clock energy perpetuals.

What's Next For Hyperliquid?

Hyperliquid's next phase depends on whether regulated access and new sources of revenue, alongside growth from outside builders, can outpace competitors and token unlocks.

Key developments shaping the year ahead:

1. A US onshoring test: Payward's proposed HIP-3 venue would be the first Hyperliquid market operated by a registered US exchange. Approval would validate regulated firms deploying on public infrastructure. Rejection would leave Americans accessing HYPE through ETFs and treasury stocks.
2. Reserve yield joins the buyback: The first AQAv2 transfer reaches the Assistance Fund on 3 October. Linking buybacks to stablecoin balances introduces the first funding source that does not contract when trading quiets.
3. HIP-4 beyond incentives: Outcome and Skew are the first permissionless prediction market venues, with sports templates still awaiting approval. Trading after Outcome's rebate campaign ends will show whether the product retains users.
4. Lending feeds portfolio margin: Manual borrowing is the standalone form of a system that will bring loans, perps, spot and outcome markets into one collateral pool. This improves capital efficiency while connecting the risks across products.
5. Competition for share: Aster, Lighter, Variational and edgeX have grown as Hyperliquid's share of perp DEX volume fell from about 44% to 34.6% in six months. Its much stronger lead in open interest suggests committed capital is staying while incentive-driven volume moves to competitors.
6. Unlock overhang: Core contributors receive about 9.9 million newly unlocked HYPE each month, far above the roughly 630,000 tokens removed by monthly buybacks at current prices. The portion sold will influence HYPE's path more than any individual product launch.

Final Thoughts

With $216.9 billion in monthly volume and a record $18 billion in open interest, Hyperliquid remains the largest onchain derivatives venue. It has also expanded into a financial platform. Builder markets, prediction contracts and native lending account for a growing share of activity with little connection to crypto tokens.

Fees are recovering, but quarterly gross revenue is still a third below its 2025 peak as builders and deployers receive more of each trade. Almost all protocol earnings continue to fund HYPE purchases. That mechanism helps explain the token's record highs as much as any change in fundamentals.

Regulation will shape the next stage. A permissioned US venue, the result of CME's CFTC lawsuit and sustained ETF demand will determine whether Hyperliquid's next trillion in trading comes from existing offshore users or a much larger pool of capital previously unable to access it.

Our Methodology

This article draws on live protocol dashboards and official Hyperliquid documentation and announcements, alongside regulatory filings and established news outlets. Every figure was checked against its source on publication day.

How The Data Was Compiled:

• DefiLlama dashboards: Provided perp DEX rankings and volume share, open interest, fees and revenue, including quarterly income statements. We also used its TVL, stablecoin supply, HyperEVM rankings and HYPE price and supply data.
• Hyperliquid announcements: Supplied the record open interest figure and lending launch parameters, plus AQAv2 mechanics, HIP-3 and HIP-4 deployment rules and staking documentation.
• Regulatory sources: Included BHYP's SEC filing, the Bitnomial acquisition announcement and Department of Justice charging documents reported by The Block in the Robinhood case.
• Corporate disclosures: Covered Coinbase's USDC treasury deployer appointment, Payward's HIP-3 plans and Hyperliquid Strategies' disclosed holdings.
• Market coverage: CoinDesk, The Block, CNBC and Forbes supplied reporting on ETF flows, CFTC and White House statements, security incidents and buyback analysis.
• Comparison with our May audit: Current figures were compared with the May version of this page to show changes in volume, fees, open interest and supply.
• Snapshot caveat: Most figures come from live dashboards and change with asset prices, trader positioning and protocol developments. Open interest can differ by a factor of two depending on whether a source counts one side or both sides of each contract.