Hyperliquid Revenue Rockets 23% to $106M as HYPE Token Pumps

• Hyperliquid generated a record $106 million in August revenue, and the HYPE token reached a new all-time high of $51.17.

• The platform’s buyback fund grew from 3 million to 29.8 million HYPE tokens and is now worth over $1.5 billion.

• Hyperliquid processes $8 billion daily, becoming the second-largest Bitcoin spot trading platform globally.

Hyperliquid posted its strongest monthly performance in August, generating $106 million in revenue according to DefiLlama data. The decentralized derivatives platform saw a 23% increase from July’s $86.6 million figure, driven by nearly $400 billion in perpetual trading volume.

Source: DefiLlama Data; Hyperliquid Fees and Revenue Chart

The revenue surge coincided with HYPE token reaching a new all-time high of $51.17, marking a significant milestone for the protocol. Trading activity on the platform has intensified, with daily volumes exceeding $8 billion through its fully on-chain trading system.

Revenue Growth Fuels Token Buyback Program

Hyperliquid channels a substantial portion of its earnings into an Assistance Fund that automatically purchases HYPE tokens from the open market. The fund’s holdings have expanded dramatically from 3 million tokens in January to 29.8 million, now valued at over $1.5 billion.

The protocol’s Layer-1 blockchain, HyperEVM, powers this growth through high throughput and low-cost transactions. Unlike traditional platforms, Hyperliquid eliminates off-chain oracles and order matching, processing all transactions on-chain. The platform has surpassed $2 trillion in cumulative volume since launching in 2023.

Hyperliquid’s revenue efficiency stands out in the technology sector. The platform generates more revenue per employee than Tether’s $93 million, significantly exceeding OnlyFans’s $37.6 million ratio. This performance surpasses established technology companies, including Apple, Nvidia, and Meta. Annual revenue projections reach $1.17 billion based on current growth trends.

Source: X

Market Position Strengthens Amid Institutional Interest

The platform’s Hyperliquidity Cluster achieved $3.4 billion in trading volume within 24 hours, with Bitcoin contributing $1.5 billion. This performance establishes Hyperliquid as the second-largest platform globally for Bitcoin spot trading.

BitMEX CEO Arthur Hayes projects substantial upside potential for HYPE, forecasting a 126x increase. Hayes predicts stablecoin supply will reach $10 trillion by 2028, with Hyperliquid potentially capturing over 25% of associated trading volume. His analysis suggests protocol revenues could surge from $1.2 billion to $258 billion within three years.

Institutional recognition arrived through 21Shares, which launched the first regulated Hyperliquid exchange-traded product on the SIX Swiss Exchange. The structured product provides regulated access to a protocol that controls 80% of decentralized perpetuals trading.

HYPE trades at approximately $44, representing a 1% weekly decline from its recent peak. Traders view Hyperliquid as one of the most compelling protocols in decentralized finance, though concerns remain about upcoming token unlocks.