Hyperliquid Tops $1.4 Billion in Lifetime Revenue as $1.26 Billion Flows Into HYPE Buybacks

Castle Labs estimated in an October 8, 2026 update that Hyperliquid had generated more than $1.4 billion in cumulative revenue, had directed more than $1.26 billion toward open-market purchases of its native HYPE token, and held over 56% of the on-chain perpetuals market by open interest. The report frames Hyperliquid as both a revenue engine and a large driver of demand for its own token, while raising questions about how much of that demand is permanent.

Revenue Comes From Perpetuals, Spot, HyperEVM and Reserve Yield

According to Castle Labs, Hyperliquid’s lifetime revenue exceeded $1.4 billion, with earnings coming from several trading products and blockchain services. Perpetual futures remain a major revenue source, while spot markets, spot trading, auctions, HyperEVM activity, priority burns and USDC reserve yield also contribute. The most recent addition is USDC reserve yield, which creates income from existing platform activity and reduces reliance on trading fees alone.

Over time, Hyperliquid has expanded beyond its core derivatives business by introducing products that serve additional trading and financial activities. HIP-3 markets allow users to gain exposure to traditional financial assets through perpetual contracts. Still, Castle Labs noted that cumulative revenue reflects total earnings over time rather than net profit after operating expenses.

HYPE Buybacks Account for 14.4% of Circulating Supply

More than $1.26 billion has reportedly been directed toward buying HYPE on the open market, linking protocol revenue to token demand. Strata Terminal data showed approximately 47.9 million HYPE tokens had been purchased, equivalent to 14.4% of circulating supply.

That figure requires careful interpretation. Strata Terminal identifies the tokens as holdings of Hyperliquid’s Assistance Fund, not permanently burned tokens. A buyback can increase demand, but it can leave tokens in circulation or allow them to return to the market later. A token burn permanently removes assets from circulation, so the two mechanisms have different supply effects.

Although buybacks increase demand for HYPE, they do not guarantee a price increase. Other factors, including token unlocks, liquidity, investor demand and broader market conditions, also affect its price.

Open Interest, Not Volume, Shows Derivatives Reach

Hyperliquid’s market position is measured by open interest rather than raw trading volume. Open interest counts outstanding derivative positions that have not been closed or settled. Castle Labs estimates that Hyperliquid accounts for more than 56% of the on-chain perpetuals market by open interest.

Perpetual futures allow traders to hold positions without a fixed expiration date and can provide exposure through borrowed capital. That structure makes perpetuals one of the most active areas of decentralized derivatives trading, and it explains why Hyperliquid’s revenue and market share can move together with leverage demand.

What the Data Means for Readers

For readers, the key takeaway is that Hyperliquid has built a large revenue base and a dominant share of on-chain perpetual open interest, while using part of that revenue to buy HYPE. The numbers describe scale and product reach, but they do not show net profitability, permanent supply reduction, or guaranteed token demand.

Because market share can change with competition, liquidity, token unlocks, trading activity, regulation and broader crypto conditions, the data is best read as a snapshot of position rather than a forecast. This independent informational site is not an official Bybit publication.

Risk note: This article is informational only and is not investment advice. Cryptocurrency trading, decentralized derivatives and token buybacks carry volatility and loss risks. Revenue, market share, open interest and circulating supply figures can change.

Source: Castle Labs and Strata Terminal data, as reported by Live Bitcoin News.