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Castle Labs reported that Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, with more than $1.26 billion spent on open-market HYPE buybacks. Hyperliquid holds over 56% of the onchain perpetuals market by open interest.
Why it matters
The figures show how trading activity is translating into both protocol revenue and sustained open-market purchases of HYPE. Hyperliquid's position in onchain perpetuals gives the buyback program a direct link to activity on its trading venue.
Builder Codes are expanding that activity beyond Hyperliquid's native interface. Third-party wallets and apps can integrate its perpetuals infrastructure and earn revenue without building their own systems. Phantom has generated more than $25 million through the mechanism, while MetaMask has earned over $10.5 million.
Market impact
Hyperliquid's scale gives it a substantial lead in onchain perpetuals by open interest. The key figures to track are whether protocol revenue, HYPE buybacks and Builder Codes activity continue to grow together.
Frequently asked questions
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How much revenue has Hyperliquid generated?
Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, according to Castle Labs.
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How much has Hyperliquid spent on HYPE buybacks?
More than $1.26 billion has been spent on open-market HYPE buybacks.
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What share of onchain perpetuals does Hyperliquid hold?
Hyperliquid holds over 56% of the onchain perpetuals market by open interest.
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What are Hyperliquid Builder Codes?
Builder Codes let third-party wallets and apps integrate Hyperliquid's perpetuals infrastructure and earn revenue without building their own trading systems.
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How much revenue did Phantom and MetaMask earn through Builder Codes?
Phantom earned more than $25 million through Builder Codes, while MetaMask earned over $10.5 million.
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