Overview
Hyperliquid(HYPE)
Token Price$89.88-4.95%over 24h
All Time HighSep 23, 2026$97.96
All Time LowNov 29, 2024$3.81
Key Metrics
Market Cap$21.501b
Fully Diluted Valuation$85.457b
Circ. Supply239.41m HYPE
Max Supply1b HYPE
Outstanding FDV$35.113b
Volume 24h$7.392b
CEX$5.136b
Spot$639.49m
USD Perp$4.494b
COIN Perp$2.39m
DEX$2.256b
Spot$179.33m
USD Perp$2.077b
COIN Perp$0
Open Interest$2.548b
CEX$1.415b
USD Perp$1.412b
COIN Perp$2.46m
DEX$1.134b
USD Perp$1.134b
COIN PerpN/A
Total RaisedUndisclosed
Sep 16, 2025Undisclosed
Token information
Income statement for HYPE
Include incomes from Hyperliquid, Hyperliquid L1 Chain
| Q4 2026* | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $82.38M | $226.95M | $204.04M | $219.33M | $298.69M | $359.71M | $182.01M | $139.84M | $11.12M |
| Perp Fees | $53.11M | $171.72M | $178.71M | $192.64M | $257.69M | $314.51M | $175.83M | $137.37M | $10.69M |
| Spot Fees | $1.5M | $4.64M | $5.64M | $5.51M | $10.84M | $19.4M | $4.52M | $2.31M | $421.36K |
| Transaction Gas Fees | $0 | $1.78M | $2.21M | $1.86M | $3.72M | $3.05M | $1.66M | $162.41K | $0 |
| Builder Code Fees | $10.84M | $23.95M | $16.38M | $17.93M | $23.13M | $16.23M | $0 | $0 | $0 |
| Spot fees on Unit markets | $421.46K | $1.22M | $1.1M | $1.39M | $3.31M | $6.52M | $0 | $0 | $0 |
| Outcome Fees | $78.31K | $60.35K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| AQAv2 - USDC Yields | $15.32M | $22.16M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Spot Deployment Auction Burns | $351.32K | $471.72K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Transaction Base Fees | $189.33K | $126.37K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Transaction Priority Fees | $572.36K | $809.3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Cost of Revenue | $17.46M | $45.42M | $36.78M | $34.17M | $45.74M | $50.54M | $10.51M | $7.65M | $605.9K |
| Perp Fees | $474.6K | $1.42M | $1.45M | $1.62M | $2.18M | $6.78M | $5.12M | $3.51M | $271.39K |
| Spot Fees | $14.38K | $45.99K | $55.93K | $54.27K | $109.26K | $367.65K | $131.65K | $58.8K | $9.45K |
| HLP | $489.79K | $1.53M | $1.5M | $1.67M | $2.28M | $7.15M | $5.25M | $4.08M | $325.06K |
| Builder Code Distribution | $10.84M | $23.95M | $16.38M | $17.93M | $23.13M | $16.23M | $0 | $0 | $0 |
| Maker Rebates | $2.8M | $8.33M | $8.8M | $10.41M | $14.73M | $13.48M | $0 | $0 | $0 |
| Unit Revenue | $421.46K | $1.22M | $1.1M | $1.39M | $3.31M | $6.52M | $0 | $0 | $0 |
| HIP-3 Deployer Distribution | $2.42M | $8.92M | $7.49M | $1.1M | $0 | $0 | $0 | $0 | $0 |
Gross Profit | $64.92M | $176.69M | $150.85M | $167.21M | $229.78M | $292.9M | $171.51M | $132.19M | $10.51M |
| Perp Fees | $46.99M | $146.73M | $143.12M | $159.95M | $215.44M | $271.29M | $165.59M | $130.43M | $10.26M |
| Spot Fees | $1.43M | $4.55M | $5.53M | $5.4M | $10.62M | $18.66M | $4.26M | $2.2M | $407.35K |
| Transaction Gas Fees | $0 | $1.78M | $2.21M | $1.86M | $3.72M | $3.05M | $1.66M | $162.41K | $0 |
| Outcome Fees | $77.52K | $59.75K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| AQAv2 - USDC Yields | $15.32M | $22.16M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Spot Deployment Auction Burns | $351.32K | $471.72K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Transaction Base Fees | $189.33K | $126.37K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Transaction Priority Fees | $572.36K | $809.3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Earnings | $64.92M | $176.69M | $150.85M | $167.21M | $229.78M | $292.9M | $171.51M | $132.19M | $10.51M |
Token Holder Net Income | $64.92M | $176.69M | $150.85M | $167.21M | $229.78M | $292.9M | $171.51M | $132.19M | $10.51M |
| Token Buy Back | $48.49M | $151.34M | $148.65M | $165.35M | $226.06M | $289.85M | $169.85M | $132.03M | $10.51M |
| Transaction Gas Fees | $0 | $1.78M | $2.21M | $1.86M | $3.72M | $3.05M | $1.66M | $162.41K | $0 |
| AQAv2 - USDC Yields | $15.32M | $22.16M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Spot Deployment Auction Burns | $351.32K | $471.72K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Transaction Base Fees | $189.33K | $126.37K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Transaction Priority Fees | $572.36K | $809.3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Risks
How much debt can be issued against HYPE as collateral across lending protocols.
Maximum possible exposure to HYPE
$22.16m
$9.4m (max additional borrows against HYPE) + $12.76m (bad debt if HYPE was hacked now)
HyperLend Pooled
$8.09m at-risk exposure = -- bad debt if hacked + $8.09m additional borrowable against HYPE
Morpho V1
$14.07m at-risk exposure = $12.76m bad debt if hacked + $1.31m additional borrowable against HYPE
Methodology and limitations
Showing collateral exposure for HYPE on Hyperliquid L1. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
- These metrics describe lending exposure only and are not a full protocol risk rating.
- This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
- Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
- Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.
Show exposure details
Each row is one protocol-chain exposure for HYPE as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Markets
Token rights and value accrual
Hyperliquid
HYPEValue accrues through buybacks and token burns.
Token Usage
Token usage needs a subscription
Liquidations
Token liquidations need a subscription
Unlocks
Token unlocks need a subscription
Yields
Showing 10 of 296 pools
Borrow
Showing 10 of 14 routes