Hyperliquid by the numbers: 64% perp share, $8.9B OI and buybacks
Post186 words
Hyperliquid has 64% of 30-day perp DEX volume, a record $8.9B open interest and 30-day revenue above $56M, over 3x Ethereum and Solana combined. Buybacks exceeded $45M and ecosystem TVL is $1.28B, up 89% MoM.
Key claims
30-day revenue above $56M, over 3x Ethereum and Solana combined
Over $45M in HYPE buybacks in a month
Ecosystem TVL $1.28B, up 89% MoM, with 38.88% of HYPE supply reserved for airdrops
Hyperliquid dominates the perp DEX game with 64% market share of overall volume in 30days, and even 70% in the past 7d.
Yesterday @HyperliquidX also reached a new ATH in open interest of >$8.9B, setting new onchain records.
Meanwhile, 30d protocol revenue is >$56M, which is over 3x the combined revenue of Ethereum and @solana in the same period.
That resulted in >$45M in $HYPE token buybacks for the Assistance Fund over the past month, with yesterday alone accounting for $2.9M in buyback volume!
Not bullish enough?
Ecosystem TVL is now $1.28B, up 89% MoM, with over $3.9B in total bridged assets, $3.4B of which are stablecoins.
With more and more assets finding their way onto HyperCore as collateral assets and as the HyperEVM DeFi ecosystem nearing $1B in TVL alone (
$781M), this is just the beginning.
Not enough excitement?
→ Hypurr NFTs are coming (I am one of the lucky recipients)
→ 38.88% of $HYPE supply reserved for more airdrops
→ Ecosystem projects will airdrop too, hope you're not fading
→ A lot of chad builders, innovative tech and a top tier community
Hyperliquid.
4 images on X
How the call played out · since 22 May 2025
Prices as of 23 Oct 2026This piece takes a view on $HYPE, so that move is read against the call.
+179%
Moved with the call · over 17 months
- At publication
- $28.17
- Now
- $78.58
- vs BTC
- +274%
- After 1 month
- +18%
- After 3 months
- +52%
- After 1 year
- +108%
- High since
- +245% 23 Sep 2026
- Low since
- −26% 21 Jan 2026
Since then
Zero has written 41 more pieces on Hyperliquid and $HYPE since this one.
- State of Hyperliquid: two years after the airdrop (A1 Research report)Covers $HYPE
- Hyperliquid onshore: Payward and Bitnomial's permissioned HIP-3* venueBullish call on $HYPE
- Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersOn Hyperliquid
- Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueBullish call on $HYPE
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.