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Key Metrics

Fees (Annualized)$2.63m
Fees 30d$215,467

Hyperliquid L1$215,467

Fees 7d$48,819

Hyperliquid L1$48,819

Fees 24h$12,117

Hyperliquid L1$12,117

Cumulative Fees$16.76m

Hyperliquid L1$16.76m

Revenue (Annualized)$1.33m
Revenue 30d$108,708

Hyperliquid L1$108,708

Revenue 7d$34,568

Hyperliquid L1$34,568

Revenue 24h$7,763

Hyperliquid L1$7,763

Cumulative Revenue$15.7m

Hyperliquid L1$15.7m

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)$1.33m

Earnings 30d$108,708

Earnings 7d$34,568

Earnings 24h$7,763

Cumulative Earnings$15.7m

DEX Volume 30d$2.48m
DEX Volume 30d by chain

Polygon$2.48m

DEX Volume 7d$321,006

Polygon$321,006

DEX Volume 24h$68,059

Polygon$68,059

Cumulative DEX Volume$27m

Polygon$27m

Perp Volume 30d$751.38m
Perp Volume 30d by chain

Hyperliquid L1$751.38m

Perp Volume 7d$231.37m

Hyperliquid L1$231.37m

Perp Volume 24h$55.83m

Hyperliquid L1$55.83m

Cumulative Perp Volume$45.018b

Hyperliquid L1$45.018b

Open Interest$28.35m

Market Cap$16.02m

$BASED Price$0.068

All Time High$0.31

All Time Low$0.05

Fully Diluted Valuation$68.19m

Outstanding FDV$52.07m

$BASED Volume 24h$24.27m

CEX Volume$11.16m

DEX Volume$14.48m(59.68% 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