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Onchain order-book perps + spot · Hyperliquid L1

Hyperliquid

Hyperliquid is a purpose-built L1 with fully onchain perpetual and spot order books in HyperCore plus a general-purpose HyperEVM. Trading fees are directed to community destinations, including HLP, deployers, and the Assistance Fund.

User-paid fees

observed

$59.6M

Perp/spot fees within adapter coverage; fee tiers, rebates, and HIP-3 growth mode vary. [1]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Protocol-directed flow

observed

$42.5M

Assistance-Fund/holder-linked flow before considering token emissions. [1][4]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Holder-linked value

observed

$42.5M

Fee-funded permanent supply reduction; not a cash distribution. [1][4]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Net protocol revenue

source conflict

Not available

Future-emissions-funded validator/staker rewards and complete operating costs are not period-matched. [1][5]

Trailing 30 days ending 15 Jul 2026 (UTC) · retrieved 2026-07-16

Economic activity

What users pay for

Users generate fees by trading perpetuals and spot. Market makers, HLP/vault participants, asset deployers, referrers, and validators each occupy distinct economic roles.

Money flow

$100 observed trailing-30-day fee classification

Derived from separate normalized series. Official docs do not claim one universal fixed Assistance Fund percentage across every product and tier; the residual remains unclassified.

Current traction context

Official 24h perp notional$3.737B[2]
Official 24h spot notional$132.6M[2]
Markets returned by API232 perp / 312 spot[2]

Official API activity and normalized accounting metrics have different scopes; they are not combined.

Normalized statement

Every number keeps its definition.

Trailing 30 days ending 15 Jul 2026 (UTC). USD. Review and retrieval: 2026-07-16. Missing data is never displayed as zero.

User-paid fees

observed
$59.6M

Perp/spot fees within adapter coverage; fee tiers, rebates, and HIP-3 growth mode vary. [1]

Method and period

DefiLlama trailing-30-day fees adapter total.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Protocol-directed flow

observed
$42.5M

Assistance-Fund/holder-linked flow before considering token emissions. [1][4]

Method and period

DefiLlama protocol revenue classification.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Net protocol revenue

source conflict
Not available

Future-emissions-funded validator/staker rewards and complete operating costs are not period-matched. [1][5]

Method and period

Sources or definitions do not support one comparable 30-day value.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Holder-linked value

observed
$42.5M

Fee-funded permanent supply reduction; not a cash distribution. [1][4]

Method and period

DefiLlama holder-revenue classification, supported by the official automated Assistance Fund HYPE burn route.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

LP / supply-side income

observed
$11.8M

Community/HLP/deployer-side flow; not a pure passive LP return. [1][4][6]

Method and period

DefiLlama supply-side revenue classification.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Validator / node income

source conflict
Not available

Validators earn commission and stakers receive future-emissions rewards, but no complete period-matched USD income series is used. [5]

Method and period

Sources or definitions do not support one comparable 30-day value.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Token incentives

source conflict
Not available

Staking rewards are explicitly future-emissions funded; the 30-day USD subsidy is unavailable. [5]

Method and period

Sources or definitions do not support one comparable 30-day value.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Treasury income

unavailable
Not available

Official docs describe community destinations rather than a comparable retained protocol treasury series. [4]

Method and period

No defensible period-matched figure available.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Unclassified residual

derived
$5.3M

May include rebates, referrals, deployer/product routing, and adapter coverage differences; not forced into another recipient. [1][4]

Method and period

$59,561,808 fees − $42,457,140 protocol/holder flow − $11,768,284 supply-side flow.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Economic profit

unavailable
Not available

Emission, validator, and operating costs are incomplete. [1][5]

Method and period

No defensible period-matched figure available.

Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16

Token value capture

What the token actually gets

The Assistance Fund automatically converts allocated trading fees into HYPE; HYPE held there is burned, reducing circulating and total supply. HYPE also secures consensus and can reduce trader fee tiers through staking.

Sustainability

What gross flow still hides

Fee generation is substantial, but the economic statement must include future-emissions-funded staking rewards, HLP risk/PnL, maker rebates, and product/deployer shares before claiming net economic profit.

Recipients

Who receives value

  • The Assistance Fund converts fee allocation to HYPE and burns it.
  • HLP/vault strategies and community liquidity absorb market-making and liquidation PnL.
  • Spot and HIP-3 deployers may retain up to 50% of fees for their deployed assets.
  • Validators/stakers receive future-emissions rewards and validator commission, not the same fee revenue.

Governance levers

What can change

  • Fee tiers and staking discounts shape payer cost and token utility.
  • HIP-3 deployers can choose fee shares within documented limits.
  • Validators influence consensus/oracle operation; no token-holder DAO control is implied.
  • Future-emissions parameters determine security subsidy and net HYPE supply pressure.

Key risks

What can break the thesis

  • Approximately 9% of the normalized fee snapshot is unclassified.
  • Staking emissions can offset part of fee-funded burn in net-supply terms.
  • Hyperliquid L1 and oracle systems have less operating history than Ethereum.
  • HLP/vault participants bear market-making and liquidation risk.
  • Validator/oracle and upgrade centralization require continued monitoring.

Model history

How the economics changed

  • HyperCore established fully onchain perp and spot order books on Hyperliquid L1.
  • HYPE staking added delegated proof-of-stake security and fee discounts.
  • Current fee documentation states that Assistance Fund HYPE is permanently burned.
  • HIP-3 expanded deployer-controlled markets and fee sharing.

Source ledger

Follow every material claim.

Primary sources establish mechanisms. DefiLlama supplies a consistent cross-protocol time series and is labeled as third-party normalization.

  1. Normalized third-party data

    Hyperliquid metrics and adapter methodology ↗

    Retrieved
    2026-07-16
    Source updated
    Trailing snapshot through 15 Jul 2026
  2. Official API documentation and live API

    Hyperliquid official info API ↗

    Retrieved
    2026-07-16
    Source updated
    Live at retrieval
  3. Official documentation

    About Hyperliquid ↗

    Retrieved
    2026-07-16
    Source updated
    Page reported updated Jun 2026
  4. Official documentation

    Hyperliquid trading fees and destinations ↗

    Retrieved
    2026-07-16
    Source updated
    Page reported updated Mar 2026
  5. Official documentation

    HYPE staking and validator rewards ↗

    Retrieved
    2026-07-16
    Source updated
    Page reported updated Apr 2026
  6. Official documentation

    HyperCore vaults ↗

    Retrieved
    2026-07-16
    Source updated
    Living documentation
  7. Official documentation

    Hyperliquid risks ↗

    Retrieved
    2026-07-16
    Source updated
    Page reported updated Apr 2026

Compare the model

Hyperliquid beside another protocol

Open focused comparison