Hyperliquid

HYPE#11DeFi DEX Derivatives and perps Layer 1 Hyperliquid

Confirm official data

$86.52

+135.0%past year

Code is quiet, $86.5M in fees this month, sources differ by ×1.058.

Code

Only 1 commits in 90 days, 1 person

Human commits in the five most recently pushed repos.

Nov 9Nov 1

Last push: Aug 10, 2026

hyperliquid-dex · DefiLlama

Usage

$86.5M in fees over 30 days

Fees paid on this chain. Fees include what users pay to everyone, not just the protocol. Source: DefiLlama.

Nov 3Nov 2

Revenue, 30d: $67.7M
TVL: $2.6B

Numbers

Market cap: $19.9B or $21B

CGCMC

Price$83.05$83.13Agree

Supply239M253M×1.057

Mcap$19.9B$21B×1.058

Volume$1.37B$1.44B×1.054

The gap comes from supply. Prices match within <0.1%, so the two sources count different amounts of the token as circulating. We show both and don’t say which is right. CoinGecko, CoinMarketCap

Paper → real

About $14.5B of $79B is real

Selling everything at 2% a day would take 580 days.

Paper (all tokens)$79B

Market cap$19.9B

Real$14.5B

Real is the market cap scaled down when its order-book depth is below what is typical for a token of its size. An estimate, not a price.

Where it lives

19 tokens under its ticker that no list knows

1 official deploymentsCoinbase Wrapped HYPEKraken Wrapped HYPEWormhole Bridged HYPEWrapped HYPE

WrapperSolanaHYPE 98sMhv…Mh5g$8.68M

UnknownSolanaHYPE FrrPbe…Whvo$63.5claims $1.33B

UnknownSolanaHyperliquid UakV2e…ay2F$52.1claims $1.35B

UnknownSolanaHyperliquid HqPK7w…1CdT$51.4claims $1.5B

UnknownSolanaHyperliquid 3Nyb9m…E6k9$50.8claims $1.47B

UnknownSolanaHYPE BqRa8C…LSy4$46.2claims $1.3B

Copies are what DEX search finds under the same ticker. Liquidity counts only pools against real assets; a pool against a made-up token can claim any figure.

Leverage

$2.6B in open futures, 13% of the market cap

Closing them all by force would take 76 days of 2% sell depth.

Funding, 8h: +0.009% · longs pay shorts
Futures volume: $2.31B · 1.7× the spot volume · open interest turned over 0.9×
Liquidated, 24h: longs $544K · shorts $288K
Venues: Bybit, OKX, Hyperliquid, Binance

Perpetual futures on Binance, Bybit, OKX and Hyperliquid, read hourly; CME and other venues are not counted. Liquidations from Bybit (every one), Binance (the largest per second) and OKX (its latest orders each hour): a lower bound.

Where Hyperliquid positions get liquidated

longs, closed below the priceshorts, closed above

within 5%: longs $11.1M below · shorts $9.62K above

The longs within 5% below take 0.3 days of 2% sell depth to absorb.

59 open positions of the largest accounts and busiest traders, whose liquidation prices Hyperliquid publishes. Exact, not a model, but Hyperliquid only.

On-chain