Hyperliquid has generated more than $1.4 billion in cumulative protocol revenue, according to a research report on the onchain perpetuals market published by Castle Labs. The same report found that over $1.26 billion has been spent on open-market buybacks of the platform's HYPE token, underscoring the scale of its repurchase activity. Buybacks of this kind involve repurchasing tokens on public markets, a mechanism some protocols use to route revenue toward their token economies. It also notes that Hyperliquid accounts for more than 56% of open interest in onchain perpetuals, while third-party applications including Phantom and MetaMask have earned revenue through the protocol's Builder Codes.

The figures reflect Hyperliquid's growing presence in decentralized derivatives trading, particularly in the market for perpetual futures contracts. Unlike traditional futures, perpetual contracts do not have an expiration date, allowing traders to maintain positions for as long as they meet margin requirements. The reported revenue and buyback totals demonstrate the substantial financial activity taking place within Hyperliquid's trading ecosystem.

Hyperliquid Holds More Than Half of Onchain Perpetuals Open Interest

According to the Castle Labs report, Hyperliquid controls more than 56% of the onchain perpetuals market by open interest. Open interest measures the value of outstanding derivatives positions that have not yet been closed or settled, and it is widely used to evaluate trading activity and market participation.

Holding over half of the reported market's open interest places Hyperliquid in a significant position within decentralized perpetual futures trading. The metric is, however, distinct from trading volume and revenue, with each measuring a different aspect of market activity. Taken together, Hyperliquid's protocol revenue and its open interest share show how substantial the platform's presence in the sector has become.

Hyperliquid's Cumulative Protocol Revenue Exceeds $1.4 Billion, With Over $1.26 Billion Spent on Open-Market HYPE Buybacks

According to an onchain perpetuals market research report by Castle Labs, Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, with more… pic.twitter.com/aakLZatPKW

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Builder Codes Generate Revenue for Phantom and MetaMask

Beyond its own trading platform, Hyperliquid has expanded its ecosystem through a feature known as Builder Codes. The mechanism allows third-party wallets and applications to integrate Hyperliquid's perpetual trading infrastructure without developing trading systems of their own. These applications can then offer trading functionality to their users while earning revenue through the integration, making Builder Codes a distribution channel that extends access to Hyperliquid's markets through widely used wallets and apps.

The reflects a broader pattern in decentralized finance, in which trading infrastructure reaches users by plugging into established wallets and applications rather than relying solely on a protocol's own interface.

According to Castle Labs, Phantom has generated more than $25 million in cumulative revenue through Builder Codes, while MetaMask has earned over $10.5 million. The figures demonstrate how Hyperliquid's infrastructure supports business activity beyond its primary trading interface.

With cumulative protocol revenue exceeding $1.4 billion, more than $1.26 billion deployed in open-market HYPE buybacks, and third-party integrations generating millions in additional revenue, the Castle Labs report highlights Hyperliquid's expanding role in onchain derivatives trading. Subsequent reporting on buyback totals, open interest share, and builder revenue may offer further data points on how the onchain perpetuals market develops.