Hyperliquid is a Layer‑1 blockchain engineered for derivatives, launched in 2023 by graduates of Harvard, MIT, and Caltech.

Network metrics and token statistics

The project reports active market and on‑chain metrics that position it as a high‑throughput platform for perpetuals and tokenized assets.

• Token price: $39.35 (ATH: $59.3; ATL: $3.81).
• Market cap: $9.38B; FDV: $37.88B.
• TVL: $1.8B (-2.87% 24h) and bridged TVL: $7.05B.
• Stable volume: $5.05B (93.52% in USDC).
• Perps volume (24h): $9.36B; DEX volume (24h): $336M.
• Chain fees (24h): $23.1K; app revenue (24h): $2.6M; app fees (24h): $3.08M.

Revenue, capital allocation and token supply

In 2025 Hyperliquid reported more than $1 billion in revenue, primarily generated by perpetuals trading on its DEX.

The team of twelve produces approximately $102.4M in revenue per employee, compared with $93M for Tether and $2.4M for Apple.

About $900M of revenue were used to buy back the $HYPE token, and subsequently they burned a further $1 billion.

Approximately 97% of platform fees are directed to an Assistance Fund for daily buybacks and token burns, supporting a deflationary model.

Team allocations total 23.8% of supply, with vesting through 2027–2028 and estimated annual deflation of 12–15%.

Ecosystem and product expansion

In February 2025 HyperEVM launched, providing a full EVM environment on top of HyperCore and broadening developer capabilities on the chain.

Key ecosystem components include HyperLend, a lending protocol analogous to Aave, Kinetiq for liquid staking of $HYPE, and listing services for tokenized US equities.

Felix Protocol and Ondo Finance announced more than 100 US stock spot listings with plans to expand toward 1,000+ instruments.

Trading activity during geopolitical shocks

During recent regional strikes that impacted oil markets and left NYSE closed until Monday, Hyperliquid maintained 24/7 trading operations.

Trading volume in oil contracts increased nearly 250‑fold versus the pre‑conflict period, with a single contract reaching a peak daily volume of $1.7B.

Liquidity model and market positioning

Hyperliquid seeks to compete with centralized exchanges by offering continuous trading, deep liquidity, and native derivatives access without centralized custody or KYC frictions.

The platform highlights infrastructure for tokenized traditional finance assets and leveraged products, including a recently added S&P 500 instrument with 50× leverage.