Hyperliquid Statistics and What $5.8 Trillion in Volume Shows

Hyperliquid is the largest decentralised perpetual futures exchange. Its public data now shows $5.83 trillion of lifetime volume, about $14.8 billion of open interest and more than 2 million user addresses, and traders go there for stocks, oil and event contracts as well as crypto.

This page gathers the statistics that matter most to traders and HYPE holders, from volume and market share to revenue, buybacks, staking and risk. Figures without a linked source come from our own pull of Hyperliquid's public API at about 20:00 UTC on 2 November 2026.

Builder-deployed markets have a page of their own, our HIP-3 statistics. For live numbers, open the Hyperliquid exchange page or the HYPE perpetuals dashboard.

Hyperliquid Statistics at a Glance

These figures size Hyperliquid as of 2 November 2026. Rows marked Coinperps data come from its public API, and the sections below link every other source.

The volume figures rest on daily candles for all 556 listed perp markets, delisted ones included. We multiplied each day's base volume by the average of its open, high, low and close, which gives an estimate. Our $5.83 trillion sits close to the $5.80 trillion on ASXN, the dashboard that stats.hyperliquid.xyz now forwards to.

Hyperliquid Trading Volume and Trades

Monthly volume has settled near $245 billion, about 39% below the August 2025 record, while the number of trades has hit a new high. Smaller tickets explain the gap between those two lines.

Artemis reports the same $2.95 trillion for 2025. At the current pace this year finishes near $2.75 trillion, a little below it.

Each new trillion has taken about the same time since early 2025. Hyperliquid passed $1 trillion on 28 February 2025 and $5 trillion on 22 July 2026, and the gaps between trillions measure 141, 88, 138 and 142 days.

The busiest day in our data was 10 October 2025, at $27.8 billion, the day of the $19 billion market-wide liquidation. Next came 14 August 2025 at $27.3 billion and 5 February 2026 at $25.3 billion. Hyperliquid's own count of its highest rolling 24-hour volume in 2025 is $32 billion.

October 2026 set the trade record at 168.9 million. The average trade has lost about two thirds of its size in 14 months, landing at $1,452. HIP-3 explains only part of that, because the average core crypto perp trade also dropped, to $1,609 from $4,237 in August 2025, before HIP-3 launched.

Volume has also spread beyond the majors. BTC and ETH made up 67.4% of volume in October 2025 and 42.6% a year later. HYPE took 6.1% of the most recent month and ZEC 4.1%, and S&P 500, Nasdaq and SK Hynix perps sat close behind.

A small group of accounts still does most of the trading. On Hyperliquid's public leaderboard data, the 10 busiest accounts made up 42.7% of 30-day volume and the top 100 made up 67.8%. That data counts both sides of each trade, and the largest accounts are probably professional market makers.

Hyperliquid Open Interest and Market Share

About half of all open interest on decentralised perp exchanges sits on Hyperliquid. Measured against centralised exchanges its share is far smaller, and the usual comparison flatters it because Hyperliquid counts both sides of each position.

Open interest, the value of positions still open, stood at $14.77 billion on 2 November. BTC held $3.18 billion, ETH $2.23 billion, HYPE $1.88 billion, and HIP-3 markets $4.30 billion, or 29% of the total. The $18 billion record dates from 23 September 2026.

That same post defines the figure as the sum of long and short positions. We tested this against live positions for about 700 large accounts across 161 core markets, and no single side ever passed half of the reported number. Binance and OKX publish one side, so Hyperliquid's headline needs halving before any direct comparison.

Each row covers one contract, so USDC and coin-margined books at the centralised venues and all CME contracts are left out. HYPE is the exception to this pattern. Even halved, Hyperliquid's HYPE open interest of about $0.94 billion beats the $0.39 billion on Binance in our open interest data, and Binance only added HYPE spot trading on 24 September.

Across perp DEXs, open interest rose about 76% in the third quarter to roughly $24 billion, according to Unfolded data reported by PANews. Hyperliquid held about $13 billion of it, or 53%. Volume on the same venues fell about 16% to $1.4 trillion, so positions grew as turnover cooled.

Volume share is harder to pin down. Estimates swing with the venue list and the treatment of incentive-driven volume at rivals, which is why our perp DEX statistics show both measures.

Against all perp venues, Hype Flows data has Hyperliquid's open interest share climbing from 6.9% to a record 9.3% between late May and early July. The same tracker put its volume at 14.5% of Binance's around 1 November, up from a 13.5% low in mid-October. Our perp DEX vs CEX comparison covers the trade-offs between the two models.

The $6.3 billion Binance hack of 29 October tested whether stress at the largest exchange moves traders across. Volume in Hyperliquid's four biggest core markets jumped from a daily average of about $3.4 billion to $9.99 billion that day, then fell to $1.6 billion by 31 October. We found no evidence of a lasting shift in deposits or market share.

Stocks, Commodities and Outcome Markets on Hyperliquid

Hyperliquid no longer depends on crypto alone. HIP-3, which lets outside teams list their own perps, made up 31.7% of October volume and 44.5% of the last 24 hours, most of it in stocks, indices and commodities.

That share peaked at 51.3% in July 2026, when memory chip stocks such as SK Hynix, Micron and SanDisk drew heavy trading. One deployer dominates. Trade[xyz] handled 98.9% of HIP-3 volume and 97.0% of HIP-3 open interest on 2 November.

Weekends brought the first wave of outside attention. After the strikes on Iran in late February, JPMorgan noted that Hyperliquid's main oil perp peaked at $1.7 billion of daily volume while CME was shut. S&P Dow Jones Indices then licensed the S&P 500 to trade[xyz] for perps in March. Our guide to oil perpetual contracts explains how those markets work.

HIP-4 outcome markets reached mainnet on 2 May 2026 and opened to permissionless deployers by 31 August. The API lists 295 outcomes across four deployers, all quoted in USDC. Trading remains small, nearly all of it runs through one deployer called Outcome, and sports make up 88% of seven-day volume.

Older coverage ties HIP-4 to USDH, a stablecoin that has since been wound down. Coinbase became Hyperliquid's USDC treasury deployer on 14 May 2026, and every USDH market on HyperCore had finished settling by 20 June. USDH supply is down to about $6.8 million.

Hyperliquid Revenue and Fees

Trading fees are running about a quarter below 2025's pace, but total revenue has held up because USDC reserve income now adds about $16 million a month. Check the definition before comparing revenue figures, because sources differ by more than $40 million for the same month.

We use two of these. Hypurrscan's counter gives the longest core series, and its first-half 2026 total of $305.4 million matches the $305.3 million in 21Shares' half-year review. ASXN shows the wider picture, including income that did not exist a year ago.

Core fees came to $832.0 million in 2025 and $522.0 million in 2026 to 1 November, with a record of $113.8 million in August 2025. ASXN's all-protocol line totals $650.1 million for January to October 2026.

Hyperliquid also earns less on each dollar traded. Core fees worked out at 2.84 basis points of volume in August 2025 and 2.32 in October 2026, a basis point being 0.01%. Part of that drop traces to HIP-3 growth mode, which cuts protocol fees by 90% on qualifying markets. The base taker fee on core perps remains 0.045%, as our Hyperliquid fees guide explains.

Under the aligned quote asset terms, deployers share about 90% of cost-adjusted yield on USDC and pay it to the Assistance Fund every 30 days. Native USDC supply is $6.37 billion. ASXN shows $5.55 billion of that earning 3.36%, or about $186 million a year, and the income would shrink if interest rates or USDC balances fell.

Grayscale puts core crypto perp fees at about 64% of revenue in September, down from over 90% in mid-2025. For scale, the $844 million of 2025 fees reported by Artemis equals about 19% of Robinhood's $4.5 billion revenue for that year.

HYPE Token Statistics

HYPE trades at $83.53, up 228% in 2026 and 14.8% below its $98.00 record from 23 September. Supply data is easy to misread, so we separate what is confirmed onchain from what trackers estimate.

Price and Market Value

CoinGecko shows a market value of about $20.0 billion and rank 10. HYPE opened the year at $25.45, hit a 2026 low of $20.46 on 21 January and cleared its 2025 high on 21 May, days after US spot ETFs began trading. A 19.3% gain followed on 19 August, when President Trump said the CFTC chair was working to bring Hyperliquid into the United States.

Price, funding and positioning are all on our HYPE perpetuals page and the HYPE liquidation heatmap.

Supply and Burns

Circulating supply has no single answer. Hyperliquid's API shows 301.91 million, while CoinGecko and Tokenomist show about 239.4 million. Nobody has published an explanation for that 62.5 million gap, and at the same price it moves market value between $20.0 billion and $25.2 billion.

Validators voted on 24 December 2025 to treat the Assistance Fund's HYPE as burned, by 85% to 7% with 8% abstaining. Hyperliquid's docs now call those tokens permanently removed. Counting them, 49.63 million HYPE has been burned.

Buybacks and Emissions

Trading fees pay for the Assistance Fund's open-market HYPE purchases. Hyperliquid Strategies' annual report says 99% of protocol fees go to the fund, up from 97% in August 2025. Hyperliquid's own docs give no percentage, and deployers can keep their share of spot and HIP-3 fees.

The API records the fund's cost basis at $1.40 billion, an average of about $28.91 per token. At $83.53 the holding is worth $4.05 billion.

Between 12 October and 2 November the fund bought 457,652 HYPE for $37.51 million, or about $1.73 million a day. Its busiest day was 29 October, at 46,639 HYPE. A typical full day of buying now removes about 21,200 HYPE, against about 26,900 HYPE of daily staking emissions.

So the "net deflationary" label used in March 2026 does not hold on current daily fee buying. Reserve income of about $16 million a month could close most of the gap, since at today's price it buys about 6,000 HYPE a day.

Team Unlocks

Core contributors received 23.8% of supply, and monthly vesting began in late 2025. Trackers model about 9.92 million HYPE a month. Onchain withdrawals from the address holding this allocation have been far lower, at 10.47 million HYPE across 11 withdrawals, or 8.8% of the 119 million the model implies.

No Hyperliquid source names this address, although its 238 million deposit and its payouts match the team allocation. A third-party report says October's record batch went to one institutional buyer over the counter, and only the amount is confirmed onchain.

Staking

Stakers hold 439.4 million HYPE, and 238.03 million of that sits on the core contributor address. The gross staking rate is 2.24% and unstaking takes seven days. A stake above 500,000 HYPE earns the top 40% discount on trading fees.

ETFs and Treasury Companies

Three US spot HYPE ETFs now trade, and all three stake some or all of their tokens. SoSoValue data put their net assets at about $389 million on 26 October, with cumulative net inflows of $299 million.

Listed treasury companies hold far more. Hyperliquid Strategies (PURR) had about 33.2 million HYPE on 8 September, against about 12.5 million at its December 2025 listing. Hyperion DeFi (HYPD) went the other way, ending September with 1.85 million HYPE after selling some tokens to retire debt.

Hyperliquid Users, Builders and the HLP Vault

Hyperliquid has more than 2 million addresses, but a far smaller group trades in any given month. Apps built on its order book now earn real fee income, and HLP, the community vault, has shrunk.

Reports of "weekly traders" need care. The 230,000 figure widely quoted in March appears to come from the same tracker's 30-day count, so we treat it as a monthly number.

Builder codes let apps add a fee to the orders they send to Hyperliquid. ASXN counts $119.81 million of those fees on $355.68 billion of volume, about 6.1% of the lifetime total.

HLP, the Hyperliquidity Provider vault, holds $155.1 million, down 74% from its $603.9 million peak on 3 September 2025. Profit since May 2023 stands at $138.56 million. Most of the 2026 share arrived before mid-February, and the past 30 days added only about $68,000.

Its largest gains come from stress. HLP made over $40 million in the 10 October 2025 crash, and CoinGecko says that day plus one ETH liquidation in January 2026 account for about 41% of its all-time profit. Depositors should treat its record as lumpy.

Hyperliquid Risk, Incidents and Regulation

Hyperliquid's main risks are thin-market manipulation, concentrated validator power and an unsettled legal position in the United States. Repeated stress has produced no reported protocol insolvency so far, though users on the wrong side of some events still lost money.

The 10 October crash triggered Hyperliquid's first cross-margin auto-deleveraging in over two years. Anyone using high leverage should read our guide on how to avoid auto-deleveraging.

Power over the network has spread, though not far. There are 27 active validators against 4 at launch, and Hyper Foundation's share of stake has dropped from above 81% in early 2025 to 47.4%. Its three largest validators still hold 36.1%, more than the one third needed to block a two-thirds quorum.

Eight validators together reach two thirds, and the node software ships as binaries with closed source.

Bridge risk has eased. After the move to Circle's native USDC, the Arbitrum bridge holds about $193 million, or 3.0% of native USDC.

On regulation, Hyperliquid's terms bar users in the US, Ontario and sanctioned territories. Our restricted countries guide and US access guide go through the details. Singapore's MAS added Hyperliquid to its Investor Alert List on 26 June 2026, the only formal action by a named regulator we found.

The CFTC opened a path for regulated perps on 29 May 2026, and our regulation guide tracks the rules. CME and ICE reportedly lobbied against Hyperliquid in May.

Five months later, on 29 October, ICE agreed to bring trade[xyz]'s markets onshore and took a minority stake. That deal needs regulatory approval and has no launch date, and Hyperliquid itself stays closed to US users.

The Bottom Line

Monthly volume is about 39% below its peak, yet trades are at a record, open interest is near its high, and HIP-3 and USDC reserve income have replaced part of the fall in core fees. Hyperliquid has become a broader exchange than the crypto perp venue of 2025.

The numbers also carry warnings. Daily fee buying no longer outpaces staking emissions, one deployer dominates HIP-3, a few accounts dominate volume and US access rests on approvals nobody has yet granted. Compare Hyperliquid with other venues in our perpetual exchange rankings.