Hyperliquid's revenue has surpassed $1.4 billion, with more than $1.26 billion of it directed toward open-market purchases of its HYPE token, according to research by Castle Labs. The decentralized exchange also accounts for more than 56% of the onchain perpetuals market by open interest, underscoring its standing in crypto derivatives. Together, the figures show how a leading on-chain trading venue channels its earnings back into its own token economy.

Hyperliquid's revenue model combines derivatives trading activity with a token repurchase mechanism. Buyback programs of this kind have become a widespread value-accrual design across decentralized finance, with protocols routing fee income into open-market token purchases. Additional data places cumulative HYPE buybacks at approximately $1.36 billion as of October 10, 2026, including $72.2 million purchased over the previous 30 days. The differing totals reflect separate reporting sources and measurement methods.

Buybacks Reshape HYPE Supply

Total revenue from Hyperliquid's reported sales has crossed the $1.4 billion mark, while its buybacks now exceed $1.26 billion. These transactions involve acquiring HYPE tokens on the open market rather than issuing new coins. The scale of the buyback program makes it a significant component of the protocol's economy and supply structure.

According to Strata Terminal, Hyperliquid has purchased roughly 47.9 million HYPE, equivalent to about 14.4% of the protocol's circulating float based on its calculations. The tracker shows these tokens are held in Hyperliquid's Assistance Fund rather than burned—a meaningful distinction, since buying tokens and burning them are not the same thing: burned tokens are permanently removed from circulating supply, while fund-held balances remain in existence and could in principle re-enter the market.

Buybacks can create additional demand for HYPE, but they do not guarantee higher prices. Market performance depends on token unlocks, liquidity, investor demand, and broader conditions across the crypto market. It is also worth noting that cumulative revenue does not equal net profit.

Hyperliquid Holds Leading Perpetuals Share

Per Castle Labs, Hyperliquid makes up more than 56% of the on-chain perpetuals market by open interest. Open interest measures open derivative positions and reflects market participation rather than the total transaction volume executed over a given period.

Perpetual contracts allow users to hold leveraged positions on the protocol with no expiry date, a product format that has become a staple across both centralized and decentralized crypto exchanges. Hyperliquid's market share indicates that a considerable portion of on-chain derivatives trading flows through the protocol. That share can still fluctuate as positions open and close and as competing products launch on other exchanges.

OTC Distribution Absorbs $331M HYPE Unlock

A separate development highlighted by Ajoy Roy involved the distribution of 3.75 million HYPE tokens through an over-the-counter deal valued at approximately $331 million. Hyperliquid Labs completed the distribution without selling the tokens directly into public order books, limiting immediate selling pressure from the transaction.

Unlocks like this one release previously locked team allocations into circulation, and they are closely watched supply events because they expand the tradable float. Routing large blocks through over-the-counter desks is a common way to transfer size bilaterally without executing against public order books.

🚨 $330M $HYPE UNLOCK THE MARKET ABSORBED THE SHOCK Hyperliquid Labs completed its 3.75M $HYPE team distribution through an OTC deal instead of selling directly into public order books >> Around $331M worth of @HyperliquidX was distributed OTC >> 1.25M HYPE was later restaked… pic.twitter/bcOHn01Ct0
— Ajoy (@ajoyroy111) October 10, 2026
https://x.com/ajoyroy111/status/2108784040077643835

Roy noted 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, while HYPE was trading at $87 following the distribution. The arrangement avoided the feared selling pressure in the order books, though the longer-term impact of the event remains 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.

What Comes Next for Hyperliquid Revenue

Hyperliquid's growth can be measured in several ways through its revenue, buybacks, and market share. The buyback mechanism links protocol usage to demand for HYPE, while the platform's high share of open interest points to its significance in the onchain derivatives space.

Developments to monitor include monthly buyback spending, protocol revenue, changes in open interest, and future token distributions. Strong demand may help absorb incoming supply, but the balance between buying and selling activity will be crucial. Neither rising buybacks nor high market share ensures a price increase.

For readers tracking Hyperliquid revenue, the key takeaway is that the protocol has generated substantial income and directed significant funds toward HYPE purchases. Assessing the token, however, 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.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.