Hyperliquid Protocol Revenue Surpasses $1.4 Billion

• Hyperliquid’s cumulative protocol revenue has surpassed $1.4 billion, according to Castle Labs.
• More than $1.26 billion has been spent on open-market HYPE token buybacks.
• Hyperliquid holds over 56% of onchain perpetuals open interest, while Phantom and MetaMask generate revenue through Builder Codes.

Hyperliquid has generated more than $1.4 billion in cumulative protocol revenue, according to an onchain perpetuals market research report published by Castle Labs.

The report also reveals that over $1.26 billion has been spent on open-market HYPE buybacks, highlighting the scale of the platform’s token repurchase activity.

These 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 as long as they meet margin requirements.

The reported revenue and buyback figures demonstrate the substantial financial activity taking place within Hyperliquid’s trading ecosystem.

The Castle Labs report states that 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. 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.

However, open interest differs from trading volume and revenue. Each metric measures a different aspect of market activity.

The latest Hyperliquid protocol revenue figures, combined with its open interest share, show how the platform has developed a substantial presence in the sector.

Beyond its own trading platform, Hyperliquid has expanded its ecosystem through a feature known as Builder Codes.

This mechanism allows third-party wallets and applications to integrate Hyperliquid’s perpetual trading infrastructure without developing their own trading systems.

These applications can offer trading functionality to their users while earning revenue through the integration.

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 Hyperliquid protocol revenue exceeding $1.4 billion, substantial HYPE buybacks and third-party integrations generating millions in revenue, the Castle Labs report highlights the platform’s expanding role in onchain derivatives trading.