Data updated
Notes & definitions
Overview
- 1.Price data updated daily.
- 2.Market cap and FDV are computed from the price shown above — circulating supply × price and max supply × price respectively — so the figures on this card agree with each other. They can therefore differ slightly from a third-party market cap quoted against a different price tick. Circulating supply reflects tokens in active circulation per on-chain data.
- 3.Circulating supply excludes locked/vested allocations; max supply is 1,000,000,000 HYPE.
- 4.Revenue run-rate is an annualised estimate derived from protocol fees (hl_revenue). The range spans the trailing 30-day and trailing 90-day run-rates, not daily variability within a single window.
- 5.Buyback yield computed from hl_af_buyback_metrics: annualised trailing-30-day AF buyback value divided by circulating market cap.
- 6.Tracks Hyperliquid's share of total DEX perpetual futures volume.
- 7.Staking yield reflects annualised network staking rewards distributed to validators and delegators.
Financials
- 1.The breakdown table is gross fees and the figures above are protocol revenue, both from the ASXN income statement, so the two reconcile line by line. Total fees run above revenue because builder fees, the HIP-3 deployer share, HyperEVM gas and priority burns never accrue to the protocol. Take rates are shown for perp, spot and HIP-3 fees, each over its own notional volume. The HIP-3 rate is far lower because most HIP-3 markets run in growth mode, which cuts fees by 90% or more. Builder fees, HyperEVM gas, auction proceeds and priority fees have no volume denominator and show no rate.
Events
- 1.Tape reaction: Faro data, detection automated. Unlocks and buybacks: HYPE's return vs BTC from 24h before the event to 48h after; inside ±5% is neutral, an incomplete window shows none. News rows report the article's sentiment (Bullish / Neutral / Bearish), not a measured price move.
- 2.Next unlock: projected from the emission schedule in Hyperliquid's whitepaper — not a confirmed or on-chain claim. Actual timing and size may differ.
- 3.Next cliff: the next scheduled emissions tranche in Hyperliquid's whitepaper — a schedule, not a confirmed future claim.
Supply & buybacks
- 1.AF buybacks ÷ HYPE actually claimed out of the locked genesis buckets, trailing 30 days. Actual claims measure HYPE that leaves the buckets and arrives in wallets. Faro crawls Hyperliquid's own API for this, and each claim carries a transaction hash. Faro reports this ratio on two denominators against one buyback numerator; the scheduled version sits alongside. Windows with no new supply give no finite ratio, and Faro omits them.
- 2.AF buybacks ÷ scheduled unlock amounts, trailing 30 days. Scheduled amounts come from the vesting schedule, and they arrive a day or more after each monthly cliff. This is a reference figure; the claims-based version is the headline. Faro reports both ratios on one buyback numerator. Windows with no new supply give no finite ratio, and Faro omits them.
- 3.Buyback yield: Faro-derived metric — annualised trailing-30-day AF buyback value ÷ market cap.
- 4.Total supply change: Faro-derived metric — the trailing-30-day change in HYPE total supply, i.e. tokens burned by the priority, HIP-3 and spot fee burns. Assistance Fund buybacks are not in this figure: the fund holds the HYPE it buys, so those tokens leave circulating supply but stay in total supply. Unlocks are not in it either — they move tokens from locked to circulating without changing total supply, so this is not a measure of whether circulating supply is growing. The absorption ratio is.
- 5.Contributor vesting continues through 2027–28, with future emissions occurring on scheduled cliffs. Allocation percentages are approximate and may shift with on-chain activity.
Valuation
- 1.Run-rate multiples annualise trailing-30-day protocol fees rather than using trailing-twelve-month revenue, so they price the current fee pace instead of the past year's.
- 2.Price / holder earnings: market cap ÷ protocol revenue after the Assistance Fund pass-through, over the same TTM or 30-day window as price / sales. Revenue and buybacks both come from the ASXN income statement, so the pass-through is measured on one ledger rather than inferred across two. Price / sales uses that same revenue with no haircut; pass-through typically runs 97–99%, so this multiple sits slightly above price / sales — they are not the same figure.
- 3.Growth is year-over-year revenue growth. "n/a" means the peer has no comparable prior-year figure; "n/m" that the comparison is not meaningful.
- 4.Buyback yield: annualised trailing-30-day AF buyback value ÷ market cap — circulating or fully diluted, as labelled.
- 5.S&P 500 buyback yield is the index's trailing-twelve-month buyback yield, shown as an equities benchmark for the figures above it.
- 6.Coinbase shareholder yield combines buybacks and dividends as a share of market cap — a blended shareholder-return benchmark shown alongside HYPE's buyback-only yield. Faro editorial estimate, refreshed periodically rather than pulled from a live feed.
Street estimates
- 1.Qualitative call — no numeric target published.