Hyperliquid

An L1 ecosystem with perpetuals and spot markets. Perp volume is separated; TVL, fees and revenue in this snapshot reflect the combined protocol profile.

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Snapshot checked 2026-09-22 · Source: DefiLlama ↗ · combined protocol profile

Volume · 24h$12.64B

Volume · 7d$57.97B

Volume · 30d$222.99B

Open interest$8.30B

TVL$7.54B

Fees · 30d$77.62M

Revenue · 30d$60.60M

Holders revenue · 30d—

Token price$93.26

Market cap$20.74B

FDV$89.07B

FAIR VALUE

Valuation under review

Verified inputs for value capture, token supply and future unlocks are incomplete. A numerical range is not published yet.

How valuation works →

WEEKLY CHANGES

Baseline snapshot

Timestamped TVL history is available below. The weekly page compares compatible observations; volume-rank changes are not yet calculated.

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AUTOMATED OBSERVATION / SEPARATE SCOPE

TVL · $7.53B

Fresh · Observed 2026-09-22T08:12:11Z

2026-06-25 → 2026-09-22 · Range $5.70B–$7.53B · Chart scale starts at the series minimum, not zero.

DefiLlama top-level protocol TVL; component methodology not supplied · Source ↗. This series may differ from combined-profile baseline TVL above.

RESEARCH DESK · 2026-09-22

What matters here

Analyze the revenue mix of validator-operated markets, deployer markets and spot separately before valuing HYPE.

Team

Individual contributor biographies are not scored in this edition; no subjective team rating is published.

Not verified in this edition

Investors

A verified primary-source funding record is not published in this edition. No outside-investor claim is inferred.

Not verified in this edition

Unlocks

A dated forward circulating-supply model is still required before publishing an editorial price range.

Not verified in this edition

Buyback

Official fee documentation describes automatic conversion of Assistance Fund fees into HYPE and burning of that HYPE. Fees also support HLP and deployers, so all gross fees must not be assigned to token holders.

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Utility

Staking HYPE can reduce trading fees under the published tier schedule. The applicable product and deployer fee split remain relevant.

Primary source ↗

Listings

The official exchange is linked above. External spot listings and regional availability are not independently verified in this edition.

Not verified in this edition

What to compare next

Compare volume quality, fee economics, dilution and actual value reaching token holders. Affiliate payouts never affect rankings.

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