Hyperliquid

Hyperliquid HYPE

Status: ListedPerpetuals DEX
Token GradeA
Overall Score: 35.0 /100Rank: 63 of 171
Disclosures BBB4.70 /10
Performance AA7.45 /10

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Disclosures Overview

Core Contributors

Legal & Financial

Tokenomics

Service Providers

Performance Overview: Market Quality

Total Volume (as % of Market Cap)

Market Cap (USD)

Trade Volume (USD)

Trade Volume (prev. 30D avg.)$3,272,391,297
Market Capitalization (prev. 30D avg.)$19,122,383,928
Trade Volume / Market Capitalization14.18%
GradeAAAScore10.00Percentile100.00%

Depth +/- 2% (as a % of Market Capitalization)

Depth +/- 2% (USD) | Market Cap (USD)

Depth (+/- 2%)Market Cap
Depth +/- 2% (prev. 30D avg.)$190,195,353
Market Capitalization (prev. 30D avg.)$19,122,383,928
Depth / Market Capitalization1.04%
GradeAAAScore8.00Percentile16.47%

Bid / Ask Spread (Volume weighted spreads)

Bid / Ask Spread (%)

HyperliquidBybit (Futures)OKX
Exchange with Tightest SpreadsBybit (Futures)
Volume Weighted Bid / Ask Spread (prev. 30 days)0.0259%
GradeAAAScore10.00Percentile100.00%

Price Performance

30D Change: 4.93%

Price (USD)

Count Green Candles16
Count Red Candles14
Candle "Win Rate"53.33%
GradeAAScore7.00Percentile59.52%

Open Interest (as a % of Market Capitalization)

Top Venues by OI (prev. 30D avg.)

Hyperliquid$1,883,483,310
Binance$362,645,233
Bybit (Futures)$357,731,971
Total (All Exchanges)$3,687,508,712
Open Interest / Market Capitalization17.43%
GradeAAAScore9.00Percentile59.87%

Funding Rate

Funding Rate (%)

HyperliquidBinanceBybit (Futures)
Open Interest-Weighted Funding Rate0.0066%
GradeAAScore7.00Percentile41.40%

Performance Overview: Liquidity Providers

Data not disclosed

Market Maker Volume (as a % of total volume)

N/A
GradeAAA
Score10.00
Percentile100.00%

Market Maker Depth (as a % of total depth)

N/A
GradeAAA
Score10.00
Percentile100.00%

Market Maker Uptime / KPI Adherence

N/A
GradeAAA
Score10.00
Percentile100.00%

Performance Overview: Liquidity Footprint

Top-Tier Exchange Coverage

3 out of 4 (75%)BinanceOKXCoinbaseUpbit
GradeAAAScore8.00Percentile57.06%

Total Volume (CEX vs DEX)

Volume (USD)

CEX Volume (avg)$367,861,888
DEX Volume (avg)$85,218,377
CEX Volume share75.90%
GradeAAAScore10.00Percentile100.00%

Total +/- 2% Depth (CEX vs DEX)

+/- 2% Depth (USD)

CEX Depth (avg)$101,893,006
DEX Depth (avg)$783,589
CEX Depth share99.18%
GradeAScore5.00Percentile64.12%

Total Volume (Spot vs Perps)

Volume (USD)

Spot Volume (avg)$453,080,264
Perps Volume (avg)$2,907,379,635
Spot Volume share10.78%
GradeAAScore6.00Percentile8.24%

Total +/- 2% Depth (Spot vs Perps)

+/- 2% Depth (USD)

Spot Depth (avg)$102,676,595
Perps Depth (avg)$104,675,774
Spot Depth share44.37%
GradeAAAScore9.00Percentile12.94%

Performance Overview: Tokenomics

Disclosed Token Vesting vs Actual Vesting

Disclosed TGE DateN/A
Disclosed Duration36 months
Disclosed Total Groups6
Disclosed Max. SupplyN/A

Disclosed Maximum Token Supply (%) | Months Since TGE

Genesis distributionCore contributorsFuture emissions and community rewardsHyper Foundation budgetCommunity grantsHIP-2 (Hyperliquidity)

Commentary versus actual token vesting

The project has never published a release rate or cadence for the 23.8% core-contributor allocation. The monthly-on-the-6th cadence is known only from a Discord comment relayed by press. A team member confirmed "the vesting is not linear." A schedule stated to be non-linear with no published curve is an acknowledgement that the release rate is undisclosed, not a disclosure of it.

GradeCCCScore0.00Percentile100.00%

Market Cap vs. FDV (Ratio)

0.23:1
GradeBB
Score4.00
Percentile17.65%

Fully Diluted Valuation (FDV) (USD)

$82,262,059,697
GradeAAA
Score10.00
Percentile100.00%

Annualized Rate of Inflation

53.50%
GradeCCC
Score1.00
Percentile46.34%

Buyback & Burn Events

94,508,559 tokens
GradeAAA
Score10.00
Percentile100.00%

Data as of 2026-09-29 · Scoring config v4 · Rated 171 of 172 projects

UTR scores evaluate disclosure quality and token market structure. The score is informational and should not be interpreted as an assessment of expected returns or as an investment recommendation.