Hyperliquid Tokenholder Revenue Reaches $63.49 Million in 30 Days
Key Facts
Hyperliquid’s tokenholder revenue metric reached about $63.49 million over 30 days, according to a DefiLlama snapshot dated October 26, 2026. That put it at the top of the rows shown in the table, ahead of Pump, which recorded $29.86 million, and Tron, at $23.56 million over the same period. The metric measures fees directed to the Assistance Fund to buy HYPE; it does not mean tokenholders received direct cash distributions. The figure is based on a specific definition of the metric, so it does not by itself establish that $63.49 million in buybacks were confirmed. The ranking comes as markets built through the HIP-3 framework expand, although the available data does not causally link that expansion to the metric’s value.
Under DefiLlama’s definition, 99% of perpetual contract fees, excluding builder fees, go to the Assistance Fund to buy HYPE tokens. Hyperliquid’s documentation says the fund automatically converts trading fees into HYPE and that tokens held in it are burned. Disclosures Hyperion DeFi filed with the U.S. Securities and Exchange Commission in June 2026 said about 99% of daily fees from the network’s order books are allocated to this mechanism. The arrangement explains how trading activity is linked to funding the pool, but it does not make the tokenholder revenue metric cash payments to investors. Nor does it establish that the fee allocation had a specific price effect or created deflationary pressure; those outcomes require independent data.
HIP-3 market data show activity on the platform broadening: there were 165 active markets across 10 builder platforms in a snapshot dated October 27, 2026. Those markets recorded $3.12 billion in trading volume over 24 hours, with open interest at $4.07 billion. The figures provide context on trading activity and markets added by builders, but do not identify how much they contributed to tokenholder revenue over the preceding 30 days. At roughly the same time, DefiLlama’s protocol page reported fees of $89.65 million over 30 days and protocol revenue of $72.58 million. Those figures measure something different from tokenholder revenue, while showing the scale of fees and revenue recorded for the protocol.
Disclosures from companies linked to the ecosystem provide broader context on value flows. Hyperliquid Strategies said in an August 2026 disclosure that the Hyperliquid ecosystem generated about $945 million in accrued value during the 12 months ended June 30, 2026, with a large portion returning to HYPE holders through programmed buybacks. In the same disclosure, the company said HYPE rose about 77% in the quarter ended June 30, while the total market capitalization of digital assets fell about 13% in the same quarter. Those figures reflect past performance over a different period from the DefiLlama snapshot, and do not measure direct cash returns to tokenholders. Another disclosure in September 2026 also cited activity in HIP-4 markets: their daily trading volume reached about $445.8 million on September 8, and three third-party builders bonded HYPE tokens to launch outcome markets. The disclosure warned that this activity may not grow or continue.