Hyperliquid in record May perp volume: share, fees and HYPE buybacks
Quote149 words
Hyperliquid took 65.5% of record May perp DEX volume ($382.3B per DefiLlama), with $69M in 30-day fees and $64M revenue. Assistance Fund buybacks were about 2M HYPE ($56M), taking its balance near 24M HYPE.
Key claims
65.5% share of perp DEX volume over 30 days
$69M 30-day fees and $64M revenue
About 2M HYPE bought back, worth $56M, balance near 24M HYPE
Hyperliquid dominates this record perps volume in May with 65.5% market share over past 30d based on @Dune data, simply playing in a different league than its competitors.
@DefiLlama reports $69m in 30d fees (trade fees and ticker auction proceeds, excluding HLP vault and HyperEVM fees), and $64M in revenue (percentage of swap fees going to treasury and/or token holders).
Meanwhile, the Assistance fund $HYPE buybacks amounted to roughly 2M $HYPE in the past 30 days, valued at $56M, and putting total balance to almost 24M $HYPE (based on @asxn_r dashboard).
Accounting for rewards distributed to stakers and validators, the $HYPE supply was deflated by roughly 2M $HYPE in the past 30 days.
NFA but you might not be bullish enough anon.
Hyperliquid built different.
Hyperliquid.
Also stay tuned for a true banger research piece on @HyperliquidX that we will drop with @RedactedRes very soon.
🔔 on $HYPE maxis
QUOTING @DefiLlama
Perp DEXs totaled $382.3b in volume in May, a new record. In comparison, May 2024 saw $234.2b in volume and May 2023 saw $40.7b. t.co/fdgV3W4Z34
Perp DEXs totaled $382.3b in volume in May, a new record. In comparison, May 2024 saw $234.2b in volume and May 2023 saw $40.7b. t.co/fdgV3W4Z34
3 images on X
How the call played out · since 02 Jun 2025
Prices as of 23 Oct 2026This piece takes a view on $HYPE, so that move is read against the call.
+130%
Moved with the call · over 17 months
- At publication
- $34.15
- Now
- $78.58
- vs BTC
- +198%
- After 1 month
- +8.2%
- After 3 months
- +30%
- After 1 year
- +115%
- High since
- +185% 23 Sep 2026
- Low since
- −39% 21 Jan 2026
Since then
Zero has written 37 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.