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Every Monday, Faro will generate a short market briefing for HYPE in this space. It will cover the week's revenue, supply, and valuation moves. This is placeholder text until the first briefing runs.
¹ Faro data
No analyst estimates available yet
Estimates will appear here once analyst price targets are published and added to the database.
Published, attributable models only; paraphrased and linked. ⁷ no numeric target published.
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Data updated
HYPE is the native token of Hyperliquid, a Layer 1 blockchain built for on-chain derivatives and spot trading. The chain runs two linked components: HyperCore holds the order books, margin engine and liquidation logic, and HyperEVM runs smart contracts. HYPE pays gas on HyperEVM, secures the chain through staking, and absorbs protocol revenue through automated buybacks.
HYPE has four functions. It secures the network, because validators produce blocks in proportion to delegated stake under HyperBFT consensus. It pays gas on HyperEVM. It sets trading fee discounts through staking tiers. And it receives protocol revenue, because the Assistance Fund routes the large majority of trading fees into open-market HYPE purchases.
Hyperliquid Labs builds the protocol. Jeff Yan and the pseudonymous co-founder iliensinc founded it in 2022, and the project raised no venture capital, so no investor allocation exists. Hyper Foundation supports ecosystem development and the token distribution. A permissionless validator set produces blocks, and token holders delegate stake to those validators.
HYPE has a fixed maximum supply of 1,000,000,000 tokens. The genesis airdrop released 31% of supply to roughly 94,000 users in November 2024, and core contributor tokens vest on a schedule that runs into 2027–28. See the Supply & Buybacks tab for the full allocation breakdown.
Hyperliquid settles perpetual funding every hour rather than every eight hours, so HYPE funding accrues faster than on most venues. A positive rate means longs pay shorts, and a negative rate means shorts pay longs.
The Assistance Fund receives the large majority of Hyperliquid protocol fees and converts them into HYPE through continuous open-market purchases.
Holders delegate HYPE to validators to secure the chain, and delegated stake is illiquid while it remains delegated. Undelegating takes eight days in total: a one-day lockup, then a seven-day withdrawal queue.
Core contributor tokens follow a vesting schedule that extends through 2027–28, with cliff events at set intervals. The unlock calendar on the Supply & Buybacks tab gives a 12-month forward view.
Cumulative burns combine four sources: Assistance Fund buybacks, priority fee burns, HIP-3 fee burns, and spot fee burns. The full breakdown by source sits on the Supply & Buybacks tab.
Faro measures this with a tape reaction metric: HYPE's excess return against BTC across a window running from 24 hours before an event to 48 hours after it, gated on a minimum volume threshold so that thin prints do not register.
HYPE is valued using a combination of price-to-sales (P/S) and price-to-holder-earnings multiples, computed on both a circulating and a fully diluted basis. These multiples compare HYPE's market capitalization against protocol revenue from perpetual futures fees, spot fees, and other protocol income.
HYPE has no traditional P/E ratio, because it is not an equity security and it reports no earnings. The closest proxy is the price-to-holder-earnings ratio, which compares market capitalization against value distributed to token holders through buybacks, burns, and staking rewards.
Buyback yield states the annualized value of tokens the protocol repurchases, expressed as a percentage of market capitalization. It is computed on both a circulating supply and a fully diluted basis, and benchmarked against the S&P 500 buyback yield and Coinbase shareholder yield.
Lighter (LIT) is a decentralized perpetuals exchange on an L2 network, and it is the closest listed peer by product. In the peer comparison table, LIT revenue comes from the DefiLlama fees and revenue API, and LIT revenue growth is marked 'n/m' — not meaningful — because the available history is too short to support a comparison.
Perpetual and spot market data comes directly from Hyperliquid's public L1 API. Token unlock schedules and peer protocol revenue come from the DefiLlama API. S&P 500 buyback yield is a Faro editorial estimate, refreshed periodically rather than pulled from a live feed. Coinbase shareholder yield is computed from Alpha Vantage's reported financials when available. Faro publishes the definition of every derived metric in the Notes & definitions section below, so any figure on this page can be reproduced.
Market data — price, funding, open interest, liquidations — refreshes every one to five minutes, depending on the feed. Supply, buyback and burn figures update daily with each pipeline run. Unlock schedules refresh daily. This page last updated at 14 Sep 2026, 03:00 UTC.
