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Hyperliquid(HYPE)

Total Value Locked$8.355b

TVL by Chain

Hyperliquid L1$7.955b

Arbitrum$399.7m

Key Metrics

Fees 30d$85.36m
Fees 30d by chain

Hyperliquid L1$85.36m

Fees 7d$20.72m

Hyperliquid L1$20.72m

Fees 24h$3.11m

Hyperliquid L1$3.11m

Cumulative Fees$1.68b

Hyperliquid L1$1.68b

Revenue 30d$68.5m
Revenue 30d by chain

Hyperliquid L1$68.5m

Revenue 7d$16.18m

Hyperliquid L1$16.18m

Revenue 24h$2.39m

Hyperliquid L1$2.39m

Cumulative Revenue$1.359b

Hyperliquid L1$1.359b

Holders Revenue 30d$68.5m
Holders Revenue 30d by chain

Hyperliquid L1$68.5m

Holders Revenue 7d$16.18m

Hyperliquid L1$16.18m

Holders Revenue 24h$2.39m

Hyperliquid L1$2.39m

Cumulative Holders Revenue$1.359b

Hyperliquid L1$1.359b

Incentives 1y$0

Incentives 30d$0

Incentives 7d$0

Incentives 24h$0

Cumulative Incentives$0

Earnings (Annualized)$690.28m

Earnings 30d$68.5m

Earnings 7d$16.18m

Earnings 24h$2.39m

Cumulative Earnings$1.359b

DEX Volume 30d$4.073b
DEX Volume 30d by chain

Hyperliquid L1$4.073b

DEX Volume 7d$897.35m

Hyperliquid L1$897.35m

DEX Volume 24h$131.8m

Hyperliquid L1$131.8m

Cumulative DEX Volume$171.866b

Hyperliquid L1$171.866b

DEX Notional Volume 30d$120.85m
DEX Notional Volume 30d by chain

Hyperliquid L1$120.85m

DEX Notional Volume 7d$49.45m

Hyperliquid L1$49.45m

DEX Notional Volume 24h$8.76m

Hyperliquid L1$8.76m

Cumulative DEX Notional Volume$604.56m

Hyperliquid L1$604.56m

Perp Volume 30d$212.087b
Perp Volume 30d by chain

Hyperliquid L1$212.087b

Perp Volume 7d$58.082b

Hyperliquid L1$58.082b

Perp Volume 24h$9.169b

Hyperliquid L1$9.169b

Cumulative Perp Volume$5.559t

Hyperliquid L1$5.559t

Liquidation Volume 30d$1.793b
Liquidation Volume 30d by chain

Hyperliquid L1$1.793b

Liquidation Volume 7d$537.2m

Hyperliquid L1$537.2m

Liquidation Volume 24h$47.83m

Hyperliquid L1$47.83m

Cumulative Liquidation Volume$35.277b

Hyperliquid L1$35.277b

Open Interest$7.495b

Market Cap$18.113b

$HYPE Price$81.43

All Time High$97.96

All Time Low$3.81

View $HYPE token page

Fully Diluted Valuation$77.787b

Outstanding FDV$31.83b

$HYPE Volume 24h$880.88m

CEX Volume$254.41m

DEX Volume$598.02m(67.89% of total)

Active Loans$440.23m

Loading chart...
TradingDefiLlama
TrueoAll markets

Hyperliquid October revenue exceeds $60M?

Activity
9.3K TYD
Liquidity
15.8K TYD
Fees
0.72 TYD
Trade Yes 82%Trade No 18.5%
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. No trade · 374.2 TYD at 18.5%Oct 21, 2026, 7:22 AM UTC
  2. Yes trade · 1.67K TYD at 82%Oct 21, 2026, 7:22 AM UTC
  3. Market activityOct 21, 2026, 7:22 AM UTC
  4. Market activityOct 21, 2026, 7:12 AM UTC
  5. Market activityOct 21, 2026, 7:12 AM UTC
Revenue so far$43.07m
Market threshold$60m
At this month's daily average$66.75m
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 just now.

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 Tracked1

Average Supply APY3.4%

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

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 21, 2026.

All-time high TVL: $7.631b on Sep 23, 2026. All-time low TVL: $2.8m on Jul 10, 2023.

Daily TVL, Sep 22, 2026 to Oct 21, 2026

DateTVL
Sep 22, 2026$7.525b
Sep 23, 2026$7.631b
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$6.899b

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 21, 2026 (latest)$6.899b

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)$53.95m$43.07m$43.07m

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 21, 2026, Hyperliquid has $8.355b in total value locked. TVL has increased 17.7% 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 $85.36m in fees. Of that, $68.5m was protocol revenue. Based on the trailing year, the annualized rate is $906.89m in fees and $690.28m in revenue.

What is the HYPE token price and valuation?

HYPE is currently trading at $81.08. Its circulating market capitalization is $18.036b, ranking it #12. Its fully diluted valuation is $77.457b. Supply currently stands at 222.45m circulating, 955.31m total supply, 1b maximum supply.

How has HYPE performed recently?

HYPE is down 0.7% over the past 7 days and down 13.7% over the past 30 days. Its all-time high is $97.96, reached on Sep 23, 2026. The token is currently 17.2% 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 21, 2026, Hyperliquid has $440.23m in active loans.