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Key Metrics

Fees (Annualized)$3.99m
Fees 30d$327,315

Hyperliquid L1$327,315

Fees 7d$56,487

Hyperliquid L1$56,487

Fees 24h$8,966

Hyperliquid L1$8,966

Cumulative Fees$16.71m

Hyperliquid L1$16.71m

Revenue (Annualized)$2.64m
Revenue 30d$216,002

Hyperliquid L1$216,002

Revenue 7d$24,844

Hyperliquid L1$24,844

Revenue 24h$4,583

Hyperliquid L1$4,583

Cumulative Revenue$15.67m

Hyperliquid L1$15.67m

Holders Revenue (Annualized)$0
Holders Revenue 30d$0

Hyperliquid L1$0

Holders Revenue 7d$0

Hyperliquid L1$0

Holders Revenue 24h$0

Hyperliquid L1$0

Cumulative Holders Revenue$0

Hyperliquid L1$0

Incentives (Annualized)$0

Incentives 30d$0

Incentives 7d$0

Incentives 24h$0

Cumulative Incentives$0

Earnings (Annualized)$2.64m

Earnings 30d$216,002

Earnings 7d$24,844

Earnings 24h$4,583

Cumulative Earnings$15.67m

DEX Volume 30d$2.6m
DEX Volume 30d by chain

Polygon$2.6m

DEX Volume 7d$531,724

Polygon$531,724

DEX Volume 24h$60,169

Polygon$60,169

Cumulative DEX Volume$26.68m

Polygon$26.68m

Perp Volume 30d$848.62m
Perp Volume 30d by chain

Hyperliquid L1$848.62m

Perp Volume 7d$179.88m

Hyperliquid L1$179.88m

Perp Volume 24h$31.42m

Hyperliquid L1$31.42m

Cumulative Perp Volume$44.786b

Hyperliquid L1$44.786b

Open Interest$31.71m

Market Cap$14.09m

$BASED Price$0.06

All Time High$0.31

All Time Low$0.05

Fully Diluted Valuation$59.98m

Outstanding FDV$45.87m

$BASED Volume 24h$13.09m

CEX Volume$7.28m

DEX Volume$6.26m(47.87% of total)

Total Raised$11.5m

Sep 8, 2025Round: Investors: Ethena

Feb 23, 2026$11.5mRound: Series AInvestors: Pantera Capital, Coinbase Ventures, Wintermute Trading, Karatage

Protocol Information

Trade, Predict and Spend. Built on Hyperliquid L1, Polymarket. Backed by Ethena Labs.

CategoryInterface
WebsiteTwitter

Methodology

Fees:

BasedApp - builder code revenue from Hyperliquid Perps Trades.View code on GitHubHYENA - Trading fees paid by users on Hyperliquid markets deployed by Based and Ethena teams.View code on GitHub

Revenue:

BasedApp - builder code revenue from Hyperliquid Perps Trades.View code on GitHubHYENA - Half of the fees goes to the protocol and rest to hyperliquidView code on GitHub
Holders Revenue: View code on GitHub

DEX Volume: Volume of all spot token swaps on the DEX

Perp Volume: Notional volume of all trades including leverage on the perp exchange

Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.

Earnings: Revenue of the protocol minus the incentives distributed to users