Over $1.26 Billion in Buybacks for This Altcoin: Platform Revenue Stands Out

Hyperliquid’s total protocol revenue has surpassed $1.4 billion, while the platform has spent more than $1.26 billion buying back its own HYPE token on the open market.

Research by Castle Labs, reported by Wu Blockchain, revealed the scale of revenue and token buybacks at Hyperliquid, an on-chain perpetual futures platform. The figures in the report represent cumulative totals to date, not amounts from a particular day or week.

The more than $1.26 billion spent on HYPE buybacks shows how much the platform has allocated to purchasing its own token on the open market. Total protocol revenue has also surpassed $1.4 billion, highlighting the scale of revenue generated by trading activity.

Hyperliquid accounts for more than half of open interest

Hyperliquid commands more than 56% of the open interest in the on-chain perpetual futures market. In these contracts, which have no expiration date, open interest refers to the total value of positions investors have not yet closed.

The platform’s infrastructure also creates a source of revenue for third-party wallets and apps. The Builder Codes mechanism allows these apps to offer perpetual futures trading through Hyperliquid and earn revenue without building their own trading infrastructure.

How much have Phantom and MetaMask earned?

Through this mechanism, Phantom’s total revenue has exceeded $25 million, while MetaMask’s revenue has surpassed $10.5 million. The report thus shows not only the scale of Hyperliquid’s own revenue and token buybacks, but also the revenue generated by wallets using its infrastructure.