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Hyperliquid(HYPE)

Token Price$60.23

24h Change-0.36%

All Time HighJun 2, 2026$75.48

All Time LowNov 29, 2024$3.81

Key Metrics

Market Cap$13.397b

Fully Diluted Valuation$60.228b

Circ. Supply222.45m HYPE

Max Supply1b HYPE

Outstanding FDV$23.307b

Volume 24h$577.28m

CEX Volume$214.52m

DEX Volume$418.57m

Token Liquidity$363,675

Raydium AMM · Solana$363,675

Total RaisedUndisclosed

Sep 16, 2025Undisclosed

Income Statement for Hyperliquid

	Q2 2026*	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024
Gross Protocol Revenue	$147.89M	$218.29M	$286.85M	$354.67M	$180.35M	$139.68M	$11.11M
Perp Fees	$130.94M	$193.41M	$249.66M	$312.51M	$175.83M	$137.36M	$10.69M
Spot Fees	$4.21M	$5.50M	$10.83M	$19.39M	$4.51M	$2.31M	$421.35K
Builder Code Fees	$11.90M	$17.98M	$23.04M	$16.25M
Spot fees on Unit markets	$836.67K	$1.39M	$3.31M	$6.51M
Cost of Revenue	$20.15M	$24.04M	$31.07M	$37.77M	$10.50M	$7.65M	$605.90K
Perp Fees	$1.12M	$1.73M	$2.26M	$7.07M	$5.12M	$3.51M	$271.39K
Spot Fees	$41.72K	$54.52K	$107.30K	$366.83K	$131.64K	$58.80K	$9.45K
HLP	$1.16M	$1.78M	$2.35M	$7.56M	$5.25M	$4.08M	$325.06K
Builder Code Distribution	$11.90M	$17.98M	$23.04M	$16.25M
Unit Revenue	$836.67K	$1.39M	$3.31M	$6.51M
HIP-3 Deployer Distribution	$5.07M	$1.10M
Gross Profit	$115.81M	$176.24M	$232.68M	$308.69M	$169.84M	$132.02M	$10.51M
Perp Fees	$111.68M	$170.84M	$222.06M	$290.13M	$165.59M	$130.42M	$10.25M
Spot Fees	$4.12M	$5.39M	$10.62M	$18.66M	$4.25M	$2.19M	$407.34K
Incentives	$0	$0	$0	$0	$0	$0	$0
Earnings	$115.81M	$176.24M	$232.68M	$308.69M	$169.84M	$132.02M	$10.51M
Token Holder Net Income	$115.81M	$176.24M	$232.68M	$308.69M	$169.84M	$132.02M	$10.51M
Token Buy Back	$115.81M	$176.24M	$232.68M	$308.69M	$169.84M	$132.02M	$10.51M

Risk Timeline

Risk-management actions published about HYPE by tracked risk managers and governance contributors, newest first.

2 actions

contributor@0xF97c00fab22A45eB27163D0f0065Da00Da10624Bsnapshot.box/s:sparkfi.eth

6 months ago

↑SAEP-07: Spark Prime Brokerage Operational Mandate

HYPE qualifies as a mid-cap asset for Spark Prime margining, onboarded with conservative haircuts aligned to expected price impact and volatility, plus strict exposure caps to manage risks.

contributor@BlockworksAdvisorygov.ethenafoundation.com

9 months ago

↑Ethena August 2025 Governance Update

HYPE approved for USDe perp hedging collateral via the formal Risk Committee framework, satisfying requirements on liquidity, open interest, funding stability, and maturity.

Markets

Token Usage

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Unlocks

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Yields

Showing 10 of 258 pools

Pool	Project
open in new tab KNTQ-WHYPE0.25%	nest CL	$290,936	282%		282%	209%
open in new tab WHYPE-KHYPECL 0.00%	Ramses HL	$248,413	340%	14.24%	325%	70.36%
open in new tab WHYPE-USD₮0CL 0.19%	Ramses HL	$199,745	1779%	0%	1779%	559%
open in new tab WHYPE-PURR0.25%	nest CL	$64,515	373%		373%	228%
open in new tab WHYPE-HPL0.25%	nest CL	$47,852	575%		575%	345%
open in new tab WHYPE-UBTCCL 0.18%	Ramses HL	$32,347	1109%	0%	1109%	703%
open in new tab WHYPE-UETHCL 0.25%	Ramses HL	$21,193	324%	0%	324%	125%
open in new tab HYPE-ZEC	Orca DEX	$19,746	2444%	2444%		737%
open in new tab HYPE-ZEC	Orca DEX	$17,069	772%	772%		449%
open in new tab HYPE-XAUT0	Orca DEX	$13,513	344%	344%		246%

Page 1 of 26

Borrow

Showing 10 of 26 routes

Pool	Project
open in new tabWHYPE ➞ KHYPE	🪂HypurrFi Pooled	$266.61m	1.31%	1.31%	0%	68%	$4.75m	$4.06m
open in new tabWHYPE ➞ KHYPE	HyperLend Pooled	$266.61m	0.63%	0.63%	0%	60%	$191.79m	$152.47m
open in new tabWHYPE ➞ WSTHYPE	🪂HypurrFi Pooled	$72.77m	1.30%	1.31%	-0.02%	68%	$4.75m	$4.06m
open in new tabWHYPE ➞ WSTHYPE	HyperLend Pooled	$72.77m	0.62%	0.63%	-0.02%	60%	$191.79m	$152.47m
open in new tabWHYPE ➞ UBTC	🪂HypurrFi Pooled	$8.33m	0.57%	1.31%	-1.08%	68%	$4.75m	$4.06m
open in new tabWHYPE ➞ UBTC	HyperLend Pooled	$8.33m	-0.02%	0.63%	-1.08%	60%	$191.79m	$152.47m
open in new tabWHYPE ➞ BEHYPE	🪂HypurrFi Pooled	$3.89m	1.29%	1.31%	-0.03%	68%	$4.75m	$4.06m
open in new tabWHYPE ➞ BEHYPE	HyperLend Pooled	$3.89m	0.62%	0.63%	-0.03%	60%	$191.79m	$152.47m
open in new tabWHYPE ➞ USDC	🪂HypurrFi Pooled	$304,126	0.23%	1.31%	-1.58%	68%	$4.75m	$4.06m
open in new tabWHYPE ➞ USDC	HyperLend Pooled	$304,126	-0.32%	0.63%	-1.58%	60%	$191.79m	$152.47m

Page 1 of 3

Overview