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Hyperliquid(HYPE)

Total Value Locked$8.208b

TVL by Chain

Hyperliquid L1$7.814b

Arbitrum$393.82m

Key Metrics

Fees 30d$80.92m
Fees 30d by chain

Hyperliquid L1$80.92m

Fees 7d$19.78m

Hyperliquid L1$19.78m

Fees 24h$2.57m

Hyperliquid L1$2.57m

Cumulative Fees$1.692b

Hyperliquid L1$1.692b

Revenue 30d$64.47m
Revenue 30d by chain

Hyperliquid L1$64.47m

Revenue 7d$15.36m

Hyperliquid L1$15.36m

Revenue 24h$2.02m

Hyperliquid L1$2.02m

Cumulative Revenue$1.368b

Hyperliquid L1$1.368b

Holders Revenue 30d$64.47m
Holders Revenue 30d by chain

Hyperliquid L1$64.47m

Holders Revenue 7d$15.36m

Hyperliquid L1$15.36m

Holders Revenue 24h$2.02m

Hyperliquid L1$2.02m

Cumulative Holders Revenue$1.368b

Hyperliquid L1$1.368b

Incentives 1y$0

Incentives 30d$0

Incentives 7d$0

Incentives 24h$0

Cumulative Incentives$0

Earnings (Annualized)$686.88m

Earnings 30d$64.47m

Earnings 7d$15.36m

Earnings 24h$2.02m

Cumulative Earnings$1.368b

DEX Volume 30d$3.786b
DEX Volume 30d by chain

Hyperliquid L1$3.786b

DEX Volume 7d$903.7m

Hyperliquid L1$903.7m

DEX Volume 24h$109.9m

Hyperliquid L1$109.9m

Cumulative DEX Volume$172.418b

Hyperliquid L1$172.418b

DEX Notional Volume 30d$139.16m
DEX Notional Volume 30d by chain

Hyperliquid L1$139.16m

DEX Notional Volume 7d$55.34m

Hyperliquid L1$55.34m

DEX Notional Volume 24h$6.5m

Hyperliquid L1$6.5m

Cumulative DEX Notional Volume$635.11m

Hyperliquid L1$635.11m

Perp Volume 30d$203.416b
Perp Volume 30d by chain

Hyperliquid L1$203.416b

Perp Volume 7d$53.579b

Hyperliquid L1$53.579b

Perp Volume 24h$5.169b

Hyperliquid L1$5.169b

Cumulative Perp Volume$5.587t

Hyperliquid L1$5.587t

Bridge Volume 30d$1.687b
Bridge Volume 30d by chain

Hyperliquid L1$931.97m

Arbitrum$755.11m

Bridge Volume 7d$338m

Arbitrum$169.58m

Hyperliquid L1$168.42m

Bridge Volume 24h$35.22m

Hyperliquid L1$18m

Arbitrum$17.22m

Liquidation Volume 30d$1.789b
Liquidation Volume 30d by chain

Hyperliquid L1$1.789b

Liquidation Volume 7d$487.19m

Hyperliquid L1$487.19m

Liquidation Volume 24h$135.26m

Hyperliquid L1$135.26m

Cumulative Liquidation Volume$35.632b

Hyperliquid L1$35.632b

Open Interest$7.653b

Market Cap$17.12b

$HYPE Price$76.97

All Time High$97.96

All Time Low$3.81

View $HYPE token page

Fully Diluted Valuation$73.522b

Outstanding FDV$30.087b

$HYPE Volume 24h$531.44m

CEX Volume$109.94m

DEX Volume$380.73m(71.64% of total)

Active Loans$432.04m

Loading chart...
TradingDefiLlama
TrueoAll markets

Hyperliquid October revenue exceeds $60M?

Trade Yes 83.4%Trade No 17.4%
Revenue so far$52.08m
Market threshold$60m
At this month's daily average$67.27m
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
Activity
20.1K TYD
Liquidity
16.5K TYD
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 · 96.03 TYD at 83.4%Oct 25, 2026, 5:31 PM UTC
  2. No trade · 19.98 TYD at 17.4%Oct 25, 2026, 5:31 PM UTC
  3. Market activityOct 25, 2026, 5:31 PM UTC
  4. Yes trade · 100 TYD at 83.9%Oct 25, 2026, 5:31 PM UTC
  5. Market activityOct 25, 2026, 4:57 PM UTC

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 Tracked6

Average Supply APY1.83%

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 25, 2026.

All-time high TVL: $9.069b on Sep 24, 2026. All-time low TVL: $2.8m on Jul 10, 2023.

Daily TVL, Sep 26, 2026 to Oct 25, 2026

DateTVL
Sep 26, 2026$9.031b
Sep 27, 2026$9.032b
Sep 28, 2026$9.023b
Sep 29, 2026$8.915b
Sep 30, 2026$8.827b
Oct 1, 2026$8.818b
Oct 2, 2026$8.75b
Oct 3, 2026$8.762b
Oct 4, 2026$8.807b
Oct 5, 2026$8.825b
Oct 6, 2026$8.913b
Oct 7, 2026$8.907b
Oct 8, 2026$8.769b
Oct 9, 2026$8.548b
Oct 10, 2026$8.577b
Oct 11, 2026$8.629b
Oct 12, 2026$8.635b
Oct 13, 2026$8.557b
Oct 14, 2026$8.511b
Oct 15, 2026$8.421b
Oct 16, 2026$8.456b
Oct 17, 2026$8.342b
Oct 18, 2026$8.321b
Oct 19, 2026$8.392b
Oct 20, 2026$8.295b
Oct 21, 2026$8.347b
Oct 22, 2026$8.42b
Oct 23, 2026$8.32b
Oct 24, 2026$8.3b
Oct 25, 2026$8.202b

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$8.827b
Oct 25, 2026 (latest)$8.202b

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)$65.67m$52.08m$52.08m

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 25, 2026, Hyperliquid has $8.208b in total value locked. TVL has decreased 8% 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 $80.92m in fees. Of that, $64.47m was protocol revenue. Based on the trailing year, the annualized rate is $902.96m in fees and $686.88m in revenue.

What is the HYPE token price and valuation?

HYPE is currently trading at $76.97. Its circulating market capitalization is $17.12b, ranking it #12. Its fully diluted valuation is $73.522b. Supply currently stands at 222.45m circulating, 955.31m total supply, 1b maximum supply.

How has HYPE performed recently?

HYPE is down 1.9% over the past 7 days and down 16.8% over the past 30 days. Its all-time high is $97.96, reached on Sep 23, 2026. The token is currently 21.4% 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 25, 2026, Hyperliquid has $432.04m in active loans.