Hyperliquid — Adj. Market Cap P/E Tracker

Methodology: Adj. Market Cap = Circulating Market Cap − Burn Value, where Burn Value = cumulative AF-sequestered tokens × current price (~44.7M tokens permanently removed from supply). This treats Assistance Fund buybacks as reducing the net effective market cap — analogous to subtracting treasury stock from enterprise value.

Formula: Adj. P/E = (Circ. Mcap − 44.7M × Price) ÷ (30d rolling net revenue × 365/30)

Net revenue = revenue_1d from DefiLlama (excludes builder code distributions and HLP 1% cut). As of Jul 6, 2026: Circ. Mcap $16.03B − Burn Value $3.22B = Adj. Mcap $12.81B ÷ $581.6M annualized = 22.0× (vs. Standard P/E 27.6× on unadjusted mcap).

All charts, metric cards, and the income statement below pull live from DefiLlama's warehouse and refresh automatically on a daily basis — the figures above are a point-in-time snapshot as of this update and will diverge from what you see live below as new data lands each day.