HYPE
Hyperliquid · Perp DEX L1
Score qualifies for T2; held by Security 0 (needs 2).
Key facts
- Circulating 222.4M, 22%
- Locked or unvested 732.9M, 73%
- Not yet issued 44.7M, 4%
- Max 1.00B
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
Hyperliquid routes 97-99% of protocol fees into an automated, non-discretionary buyback: about $765M of the ~$905M earned over the trailing year, plus a reserve-yield leg that paid its first $14.6M on Oct 3, 2026. Supply is capped at 1B, with 955.3M left after burns and staking paid from a pre-minted allocation. There was no VC round and 31% was airdropped, but insiders received 30.1%, and only 23% of issued supply floats while ~9.9M HYPE a month unlocks into 2027. What holds it back is control: the Foundation's 5 validators hold 47.1% of active stake, enough to halt HyperBFT alone, and validators force-settled JELLY on Mar 26, 2025.
How value reaches holders
~97-99% of protocol fees to automated non-discretionary buyback (Assistance Fund); ~4-5% of market cap a year (~$765M of holder revenue over the trailing year). Oct 19, 2026 review: a second buyback leg funded by USDC reserve yield (AQAv2) paid its first $14.6M on Oct 3, 2026
Score anatomy
Demand
39 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Plumbing at 90%+, non-discretionary and hard to change
~$905M of fees over the trailing year (~$765M to holders), just under the $1B line
$100M-1B/yrHow this is scored
About $542M of HYPE and kHYPE posted at third-party lenders (HyperLend $397M, Morpho $115M, Felix $23M), DefiLlama Oct 23, 2026; Hyperliquid's own margin and staking count zero.
Measurable niche monetary use: payment rails, savings products, or collateral at third-party venues below the next levelmedium confidenceHow this is scored
Hyperliquid perps OI $7.7B plus $3.9B on HIP-3 tradeXYZ, ~65% of on-chain perp OI vs Aster $1.37B; fees $904M TTM, +15% YoY, 30d fees $83M vs Aster $4M
Reference: the category's default by a wide margin, the venue, network or asset others are measured againsthigh confidenceHow this is scored
Two routes, the stronger counts
Soundness
18 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
Fixed 1B cap, 955.3M left after burns (Oct 2026); staking pays from the pre-minted 38.9% emissions allocation, and changing supply needs a protocol upgrade adopted by validators.
Hard cap or net deflationary by protocol rule, under 1%/yr gross growth, and nobody can mint past the cap or change the schedule short of a hard fork node operators adoptmedium confidenceHow this is scored
Float 23% (222M of 955M issued, Oct 2026); core contributors (23.8%) unlock monthly into 2027, ~9.9M HYPE (~4.5% of float) a month, next Nov 6, 2026.
Over 3% of float unlocking per month, or under 30% float with ongoing linear unlocksmedium confidenceHow this is scored
No VC or private round; 31% airdropped free. Insiders (core contributors 23.8%, Foundation 6%, grants 0.3%) got 30.1% of 1B; the ~39% FECR pays stakers by coded formula and changing it took a validator vote
Insiders received 25-50%, or one organization directs 10-30%low confidenceHow this is scored
Hyper Foundation's 5 validators hold 47.1% of the 441.9M HYPE active stake (Oct 23, 2026), above the 1/3 that halts HyperBFT alone; validators force-settled JELLY on Mar 26, 2025; node closed source
One operator, pool, company or key can halt, rewrite, freeze balances, or upgrade value-holding contracts without delayhigh confidenceHow this is scored
Durability
9 / 15Is it big, proven and reachable by institutions?
$17.2B market cap (band 5), $780.8M/day median volume (band 5), no flags.
Systemic: over $10B market cap and $500M/day+How this is scored
TGE Nov 29, 2024: 1.9 years old.
1-3 yearshigh confidenceHow this is scored
US spot HYPE ETFs hold $387.1M (SoSoValue, Oct 22, 2026), under the $500M line; Valour Hyperliquid ETP in Europe.
One US spot ETF, or US ETFs under $500Mhigh confidenceHow this is scored
What would move it up
To reach T2 Strong, one gate is still open:
- Security 0needs 2(open)
- Score 66gate 55(met)
- Value engine 4gate 3(met)
- Adoption 5gate 3(met)
- Supply 5gate 2(met)
- Distribution 1gate 1(met)
- Float and unlocks 1gate 1(met)
- Scale 5gate 3(met)
Tier outlook · next trigger Nov 6, 2026
Could move up ↑low likelihood
- Security rises to 1 once the Foundation's 5 validators fall below a third of active stake (47.1% on Oct 23, 2026)
- Float improves as core contributor unlocks of ~9.9M HYPE a month run down into 2027, next Nov 6, 2026
- Revenue reaches the over-$1B band if trailing fees clear $1B (~$905M today)
- Access rises to 4 once US spot HYPE ETFs hold over $500M ($387.1M on Oct 22, 2026)
Research report
Jun 11, 2026 · source confidence 60%Report due for refreshWritten Jun 11, 2026. Market figures inside predate the scores above; current figures are under Key facts.
The category winner, priced like one. Open-interest dominance (about two thirds of the market) points to sticky organic usage rather than farmed volume, and 97 to 99% of fees flow into HYPE buybacks. The bear case is price, not product: roughly 80x FDV to revenue plus about $700M per month of vesting unlocks.
Structure (6 facts)
- What it is
- perp DEX on own L1 (HYPE native token, no canonical mainnet ERC-20)
- Market cap (approx)
- $12,500,000,000
- Annualized revenue
- $650,000,000
- Value accrual
- 97-99% of fees → HYPE buybacks; $1.26B+ cumulative fees
- Market share
- ~32% of perp DEX volume (~$173B/30d); 7.6% of ALL exchange perp volume (ATH); ~2/3 of market open interest (~$9B)
- Unlocks
- ~$700M/mo vesting unlocks
Market figures at report date (Jun 11, 2026)
- Price (approx)
- $56
- All-time high / low
- 75.51 (2026-06-02)
- FDV (approx)
- $54,000,000,000
Compare with
How the ranking works and how HYPE compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=HYPE