Ask about Hyperliquid
Logo of Hyperliquid

Hyperliquid(HYPE)

Total Value Locked$8.324b

TVL by Chain

Hyperliquid L1$7.925b

Arbitrum$399.1m

Key Metrics

Fees 30d$83.24m
Fees 30d by chain

Hyperliquid L1$83.24m

Fees 7d$19.39m

Hyperliquid L1$19.39m

Fees 24h$3.64m

Hyperliquid L1$3.64m

Cumulative Fees$1.687b

Hyperliquid L1$1.687b

Revenue 30d$66.48m
Revenue 30d by chain

Hyperliquid L1$66.48m

Revenue 7d$15.1m

Hyperliquid L1$15.1m

Revenue 24h$2.78m

Hyperliquid L1$2.78m

Cumulative Revenue$1.364b

Hyperliquid L1$1.364b

Holders Revenue 30d$66.48m
Holders Revenue 30d by chain

Hyperliquid L1$66.48m

Holders Revenue 7d$15.1m

Hyperliquid L1$15.1m

Holders Revenue 24h$2.78m

Hyperliquid L1$2.78m

Cumulative Holders Revenue$1.364b

Hyperliquid L1$1.364b

Incentives 1y$0

Incentives 30d$0

Incentives 7d$0

Incentives 24h$0

Cumulative Incentives$0

Earnings (Annualized)$687.56m

Earnings 30d$66.48m

Earnings 7d$15.1m

Earnings 24h$2.78m

Cumulative Earnings$1.364b

DEX Volume 30d$3.914b
DEX Volume 30d by chain

Hyperliquid L1$3.914b

DEX Volume 7d$863.31m

Hyperliquid L1$863.31m

DEX Volume 24h$140.83m

Hyperliquid L1$140.83m

Cumulative DEX Volume$172.202b

Hyperliquid L1$172.202b

DEX Notional Volume 30d$132.19m
DEX Notional Volume 30d by chain

Hyperliquid L1$132.19m

DEX Notional Volume 7d$55.22m

Hyperliquid L1$55.22m

DEX Notional Volume 24h$7.48m

Hyperliquid L1$7.48m

Cumulative DEX Notional Volume$621m

Hyperliquid L1$621m

Perp Volume 30d$209.323b
Perp Volume 30d by chain

Hyperliquid L1$209.323b

Perp Volume 7d$53.367b

Hyperliquid L1$53.367b

Perp Volume 24h$10.339b

Hyperliquid L1$10.339b

Cumulative Perp Volume$5.574t

Hyperliquid L1$5.574t

Bridge Volume 30d$1.745b
Bridge Volume 30d by chain

Hyperliquid L1$961.59m

Arbitrum$783.74m

Bridge Volume 7d$349.34m

Arbitrum$176.47m

Hyperliquid L1$172.87m

Bridge Volume 24h$62.7m

Arbitrum$33.18m

Hyperliquid L1$29.52m

Liquidation Volume 30d$1.711b
Liquidation Volume 30d by chain

Hyperliquid L1$1.711b

Liquidation Volume 7d$422.19m

Hyperliquid L1$422.19m

Liquidation Volume 24h$120.75m

Hyperliquid L1$120.75m

Cumulative Liquidation Volume$35.45b

Hyperliquid L1$35.45b

Open Interest$7.911b

Market Cap$17.378b

$HYPE Price$78.13

All Time High$97.96

All Time Low$3.81

View $HYPE token page

Fully Diluted Valuation$74.63b

Outstanding FDV$30.54b

$HYPE Volume 24h$794.47m

CEX Volume$193.39m

DEX Volume$558.88m(70.35% of total)

Active Loans$429.31m

Loading chart...
TradingDefiLlama
TrueoAll markets

Hyperliquid October revenue exceeds $60M?

Activity
14.1K TYD
Liquidity
16.1K TYD
Trade Yes 82.7%Trade No 18.2%
Rules & activity

This market will resolve to “Yes” if the total revenue of Hyperliquid protocol for the calendar month of October 2026 (October 1, 2026 - 00:00 UTC to November 1, 2026 - 00:00 UTC) exceeds $60,000,000, as reported by DefiLlama. Otherwise this market will resolve to “No.” For the purposes of this market: • “Revenue” is defined as the “Revenue” metric for the Hyperliquid protocol on DefiLlama (not gross “Fees”), summed over all days in October 2026. • If DefiLlama methodology changes, the figure as reported by DefiLlama at resolution will be used.

Market activity includes traded volume and minted collateral.

Quotes are in TYD; Yes and No pools are priced independently. 100% = 1 TYD.

Resolution source: • DefiLlama Hyperliquid analytics page

Earliest possible resolution: Nov 1, 2026, 12:00 AM UTC. This is not the event deadline or a trading cutoff.

Resolution history

  1. CreatedOct 20, 2026, 5:05 AM UTC

Recent activity

  1. Yes trade · 1.18 TYD at 82.7%Oct 23, 2026, 3:47 AM UTC
  2. Market activityOct 22, 2026, 1:00 PM UTC
  3. Market activityOct 22, 2026, 1:00 PM UTC
  4. Market activityOct 22, 2026, 1:00 PM UTC
  5. Market activityOct 22, 2026, 12:59 PM UTC
Revenue so far$48.1m
Market threshold$60m
At this month's daily average$67.78m
Aug 2026$61.36m
Sep 2026$74.19m
Oct 1, 2026Dashed line: this month's daily average to the end of the periodOct 31, 2026

Quotes fetched 6s ago.

Protocol Information

Hyperliquid is a Layer 1 blockchain best known for perpetual futures and spot trading. Beyond its flagship decentralized exchange (DEX), the ecosystem supports borrowing, lending, RWAs, and a full-fledged EVM.

WebsiteGitHubX/Twitter
Categories:BridgeLendingDerivativesDexsPrediction Market
Products:

Latest from DefiLlama Research

Visit DefiLlama Research
Hyperliquid and the RWA retention question: what the data showsHyperliquid and the RWA retention question: what the data shows13 Aug 2026Read report Hyperliquid and the RWA onboarding question: what the data showsHyperliquid and the RWA onboarding question: what the data shows22 Jul 2026Read report

Yields

Pools Tracked6

Average Supply APY1.81%

Methodology

TVL: Total value of all coins held in the smart contracts of the protocol

Fees:

Hyperliquid HLP - 1% of perp and spot trading revenue (after builder code fees, maker rebates, HIP-3 deployer and unit revenue) share for HLP.View code on GitHubHyperliquid Perps - Include perps trading fees on crypto and HIP-3 deployed markets + builders fees, plus Hyperliquid's 90% share of cost-adjusted reserve yield from AQAv2 stablecoin deployers since 27 Aug 2026, excluding all spot fees.View code on GitHubHyperliquid Spot Orderbook - Include spot trading fees (builder code fees included), unit protocol fees, and HYPE burned in successful HIP-1 token-deployment auctions, excluding perps fees.View code on GitHubHyperliquid Outcomes - Fees users pay when closing or settling HIP-4 outcome positions, including builder-code fees added by front-ends. Hyperliquid charged no outcome fee of its own before 15 Aug 2026.View code on GitHub

Revenue:

Hyperliquid HLP - No revenue.View code on GitHubHyperliquid Perps - 99% of fees go to Assistance Fund for buying HYPE tokens, excluding builders fees, plus Hyperliquid's 90% share of AQAv2 stablecoin reserve yield since 27 Aug 2026.View code on GitHubHyperliquid Spot Orderbook - 97% of spot trading fees before 30 Aug 2025 and 99% thereafter, after builder code fees and maker rebates, go to Assistance Fund for buying HYPE tokens, excluding unit protocol fees; HYPE paid in successful HIP-1 token-deployment auctions is burned.View code on GitHubHyperliquid Outcomes - 99% of outcome fees net of builder-code fees, sent to the Assistance Fund to buy HYPE.View code on GitHub

Holders Revenue:

Hyperliquid HLP - Fees going to governance token holdersView code on GitHubHyperliquid Perps - 99% of fees go to Assistance Fund for buying HYPE tokens, excluding builders fees, plus Hyperliquid's 90% share of AQAv2 stablecoin reserve yield since 27 Aug 2026.View code on GitHubHyperliquid Spot Orderbook - 97% of spot trading fees before 30 Aug 2025 and 99% thereafter, after builder code fees and maker rebates, go to Assistance Fund for buying HYPE tokens, excluding unit protocol fees; HYPE paid in successful HIP-1 token-deployment auctions is permanently burned.View code on GitHubHyperliquid Outcomes - 99% of outcome fees net of builder-code fees, used by the Assistance Fund to buy back HYPE.View code on GitHub

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

Notional Volume: Notional volume of all trades on protocol

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

Bridge Volume: Value of assets sent through the bridge, counted once on the chain they leave from

Liquidation Volume: USD value of positions liquidated by the protocol

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

Hyperliquid history

TVL is the default DefiLlama definition, which excludes Active Loans. Daily values are UTC snapshots from Jun 9, 2023 to Oct 23, 2026.

All-time high TVL: $8.399b on Oct 22, 2026. All-time low TVL: $2.8m on Jul 10, 2023.

Daily TVL, Sep 24, 2026 to Oct 23, 2026

DateTVL
Sep 24, 2026$7.61b
Sep 25, 2026$7.467b
Sep 26, 2026$7.548b
Sep 27, 2026$7.541b
Sep 28, 2026$7.542b
Sep 29, 2026$7.464b
Sep 30, 2026$7.408b
Oct 1, 2026$7.338b
Oct 2, 2026$7.297b
Oct 3, 2026$7.286b
Oct 4, 2026$7.321b
Oct 5, 2026$7.319b
Oct 6, 2026$7.349b
Oct 7, 2026$7.359b
Oct 8, 2026$7.237b
Oct 9, 2026$7.057b
Oct 10, 2026$7.071b
Oct 11, 2026$7.125b
Oct 12, 2026$7.118b
Oct 13, 2026$7.101b
Oct 14, 2026$7.054b
Oct 15, 2026$6.98b
Oct 16, 2026$6.988b
Oct 17, 2026$6.895b
Oct 18, 2026$6.889b
Oct 19, 2026$6.95b
Oct 20, 2026$6.886b
Oct 21, 2026$8.363b
Oct 22, 2026$8.399b
Oct 23, 2026$8.343b

TVL at each month end, Nov 2024 to Oct 2026

DateTVL
Nov 30, 2024$1.28b
Dec 31, 2024$2.036b
Jan 31, 2025$2.417b
Feb 28, 2025$2.633b
Mar 31, 2025$2.079b
Apr 30, 2025$2.308b
May 31, 2025$3.552b
Jun 30, 2025$3.71b
Jul 31, 2025$4.913b
Aug 31, 2025$5.764b
Sep 30, 2025$5.839b
Oct 31, 2025$4.887b
Nov 30, 2025$4.382b
Dec 31, 2025$4.149b
Jan 31, 2026$4.573b
Feb 28, 2026$4.232b
Mar 31, 2026$4.899b
Apr 30, 2026$4.714b
May 31, 2026$5.561b
Jun 30, 2026$5.724b
Jul 31, 2026$6.131b
Aug 31, 2026$6.723b
Sep 30, 2026$7.408b
Oct 23, 2026 (latest)$8.343b

TVL at each year end, Dec 31, 2023 to Dec 31, 2025

DateTVL
Dec 31, 2023$57.25m
Dec 31, 2024$2.036b
Dec 31, 2025$4.149b

Fees, revenue and holders revenue by UTC calendar month, Dec 2024 to Oct 2026

MonthFeesRevenueHolders revenue
Dec 2024$11.12m$10.51m$10.51m
Jan 2025$52.17m$49.13m$49.13m
Feb 2025$46.59m$44.21m$44.21m
Mar 2025$40.93m$38.69m$38.69m
Apr 2025$44.24m$41.66m$41.66m
May 2025$72.98m$68.73m$68.73m
Jun 2025$63.14m$59.46m$59.46m
Jul 2025$96.41m$90.79m$90.79m
Aug 2025$144.97m$113.86m$113.86m
Sep 2025$115.28m$85.2m$85.2m
Oct 2025$124.84m$97.2m$97.2m
Nov 2025$101.38m$77.65m$77.65m
Dec 2025$68.75m$51.21m$51.21m
Jan 2026$77.29m$59.84m$59.84m
Feb 2026$70.7m$54m$54m
Mar 2026$69.49m$51.51m$51.51m
Apr 2026$58.67m$42.36m$42.36m
May 2026$62.18m$46.33m$46.33m
Jun 2026$80.98m$59.96m$59.96m
Jul 2026$55.14m$38.42m$38.42m
Aug 2026$77.77m$61.36m$61.36m
Sep 2026$91.33m$74.19m$74.19m
Oct 2026 (to date)$60.58m$48.1m$48.1m

The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/hyperliquid

Frequently asked questions

What is Hyperliquid's TVL?

As of Oct 23, 2026, Hyperliquid has $8.324b in total value locked. TVL has increased 9.1% over the past 30 days.

What chains does Hyperliquid operate on?

Hyperliquid operates on 2 chains: Hyperliquid L1 and Arbitrum. Hyperliquid L1 holds the largest share at 95.2%.

How much has Hyperliquid generated in fees and revenue?

Over the past 30 days, Hyperliquid generated $83.24m in fees. Of that, $66.48m was protocol revenue. Based on the trailing year, the annualized rate is $903.85m in fees and $687.56m in revenue.

What is the HYPE token price and valuation?

HYPE is currently trading at $77.79. Its circulating market capitalization is $17.305b, ranking it #12. Its fully diluted valuation is $74.317b. Supply currently stands at 222.45m circulating, 955.31m total supply, 1b maximum supply.

How has HYPE performed recently?

HYPE is down 3.9% over the past 7 days and down 19.6% over the past 30 days. Its all-time high is $97.96, reached on Sep 23, 2026. The token is currently 20.6% below that level.

Which protocols are included in Hyperliquid?

Hyperliquid is a parent protocol whose tracked products include Hyperliquid Bridge, Hyperliquid Earn, Hyperliquid HLP, Hyperliquid Spot Orderbook, and Hyperliquid Perps and 1 others.

How much has been borrowed through Hyperliquid?

As of Oct 23, 2026, Hyperliquid has $429.31m in active loans.