Hyperliquid revenue has surpassed $1.4 billion, with more than $1.26 billion directed toward open-market HYPE buybacks, according to research by Castle Labs. The decentralized exchange also controls more than 56% of the onchain perpetuals market by open interest, highlighting its position in crypto derivatives.
Hyperliquid revenue combines derivatives activity with a token repurchase mechanism. Additional data puts cumulative HYPE buybacks at approximately $1.36 billion as of October 10, 2026, with $72.2 million purchased over the previous 30 days. The different totals reflect separate reporting sources and measurement methods.
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Hyperliquid Revenue Supports Large-Scale HYPE Buybacks
The total revenue from Hyperliquid’s reported sales surpasses the $1.4 billion mark, whereas its buybacks amount to more than $1.26 billion. Such transactions include acquiring HYPE tokens on the market instead of issuing new coins. The scale of the buyback scheme makes it a significant component of the economy and the supply structure of the protocol.
According to Strata Terminal, Hyperliquid has bought some 47.9 million HYPE, which equals roughly 14.4% of the circulating float of the protocol in accordance with its calculations. According to its tracker, these HYPE tokens belong to Hyperliquid’s Assistance Fund and not burned. There is a difference between having tokens bought and burning them.
Buybacks can create additional demand for HYPE, but they do not guarantee higher prices. Performance on the market depends on token unlocks, liquidity, demand from investors, and general conditions in the crypto world. Moreover, it should be kept in mind that cumulative revenue does not equal net profit.
Hyperliquid Maintains a Leading Position in Perpetuals
According to Castle Labs, Hyperliquid makes up more than 56% of the on-chain perpetuals market by open interest. Open interest is an indicator that shows open derivative positions and reflects market participation rather than the total amount of transaction volume executed in the specific time period.
With the perpetual contracts, users can hold leveraged positions on the protocol with no expiry date. The market share of Hyperliquid indicates that a considerable share of on-chain derivatives trading occurs through this protocol. Still, the market share could vary depending on the opening and closing of positions and the introduction of competing products on other exchanges.
HYPE Unlock Shows Why Supply Still Matters
A separate development highlighted by Ajoy Roy involved a distribution of 3.75 million HYPE tokens through an over-the-counter deal, valued at approximately $331 million. The distribution was completed by Hyperliquid Labs without selling the tokens directly into public order books, limiting immediate selling pressure from that transaction.
Roy mentioned that 1.25 million HYPE were restaked after the initial sale. The identity of the buyer and the total purchase price have not been disclosed yet, while HYPE was trading at $87 after the distribution. However, the distribution has avoided the feared selling pressure in the order books, despite the potential longer-term impact of the event being unknown.
An over-the-counter transaction does not eliminate supply risk. It changes how tokens are transferred, but the recipient may still sell or move them later. Restaking can keep tokens committed to a staking arrangement for a period, depending on its terms, but it does not necessarily mean those tokens are permanently unavailable for sale.
Hyperliquid Revenue Signals Growth and Buyback Demand
There are multiple ways to measure Hyperliquid’s growth based on their revenue, buybacks, and market share. The buyback mechanism establishes the relationship between the use of the protocol and the demand for HYPE, while the high share of open interest points out the significance of the platform in the onchain derivatives space.
Upcoming developments to monitor include monthly spending on buybacks, revenue of the protocol, open interest changes, and future token distributions. High demand may help absorb the incoming supply into the market, however, the balance between buying and selling activities will be crucial. Neither increasing buybacks nor high market share ensures any price increase.
For readers following Hyperliquid revenue, the key takeaway is that the protocol has generated substantial income and directed significant funds toward HYPE purchases. Yet assessing the token requires more than tracking cumulative totals. Revenue trends, circulating supply, unlock schedules, and actual market demand will help determine whether the current model remains sustainable.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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