Hyperliquid has generated more than $1.4 billion in cumulative revenue, according to research from Castle Labs, and has reportedly directed over $1.26 billion of that toward open-market purchases of its native HYPE token. Data from the same research indicates the decentralized exchange now accounts for more than 56% of the on-chain perpetuals market by open interest.

Hyperliquid Revenue Surpasses $1.4 Billion

According to Castle Labs, Hyperliquid's lifetime revenue has exceeded $1.4 billion, with earnings drawn from several trading products and services. Perpetual futures remain a major revenue source, while spot trading, auctions, HyperEVM activity, priority burns and USDC reserve yield also contribute.

Hyperliquid has generated over $1.4B in lifetime revenue. This revenue comes from multiple sources, including perps, spot markets, auctions, HyperEVM, priority burns, and, most recently, the USDC reserve yield. Hyperliquid has built its product and revenue base by controlling… pic.twitter.com/U0SVXB2rUg

— Castle Labs 🏰 (@castle_labs) October 8, 2026

Over time, Hyperliquid has expanded beyond its core derivatives business by introducing products that serve additional trading and financial activities. HIP-3 markets, for instance, allow users to gain exposure to traditional financial assets through perpetual contracts. Priority burns and USDC reserve yield, meanwhile, generate additional income from existing platform activity, reducing reliance on trading fees alone. Castle Labs noted that these additions have contributed to Hyperliquid's broader revenue base, though cumulative revenue reflects total earnings over time rather than net profit after operating expenses.

More Than 14% of HYPE Circulating Supply Acquired Through Buybacks

Hyperliquid has reportedly directed more than $1.26 billion toward open-market HYPE purchases, linking protocol revenue to token demand. Revenue-funded buybacks have become a familiar mechanism among decentralized protocols for channeling platform earnings toward their native tokens. According to Strata Terminal, the platform has purchased approximately 47.9 million HYPE tokens, equivalent to 14.4% of circulating supply.

However, the tracker identifies these tokens as holdings of Hyperliquid's Assistance Fund rather than permanently burned tokens. The distinction matters because purchased tokens can remain in circulation or potentially return to the market, whereas token burns permanently remove assets from supply.

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 the token's price.

Hyperliquid Controls Over 56% of On-Chain Perpetuals Open Interest

Beyond revenue growth, Hyperliquid continues to hold a substantial position in decentralized derivatives trading, a sector in which exchanges operate on public blockchain infrastructure rather than through a single centralized operator. Castle Labs estimates that the exchange accounts for more than 56% of the on-chain perpetuals market by open interest — a metric that measures outstanding derivative positions not yet closed or settled, rather than total trading volume. Perpetual futures allow traders to maintain positions without a fixed expiration date, while also offering exposure through borrowed capital.

Hyperliquid's reported market share indicates that a significant portion of outstanding on-chain perpetual positions sits on its platform.

For now, Hyperliquid's revenue figures and buyback activity show how its trading operations support demand for HYPE. Future results will depend on trading activity, competition and the continued performance of its revenue-generating services.

Source: Live Bitcoin News