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
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.
Economic brief
Three answers before the ledger.
- What users pay for
- Users generate fees by trading perpetuals and spot.
- What the token gets
- The Assistance Fund automatically converts allocated trading fees into HYPE; HYPE held there is burned, reducing circulating and total supply.
- What gross flow 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.
Protocol-directed
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
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 revenue
source conflictNot 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
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.
The diagram and table use the same values. Color is reinforced by labels and classifications.
01 · PayerPerpetual and spot traders
Users generate fees by trading perpetuals and spot.
02 · Fee base$59.6M
Trailing 30 days ending 15 Jul 2026 (UTC)
observedAssistance Fund / HYPE burn71.3%
Token burn · $42.5M of the normalized fee base
Community, HLP + deployers19.8%
Participant income · $11.8M of the normalized fee base
Unclassified8.9%
Unclassified · $5.3M of the normalized fee base
| Recipient | Share | Per $100 | Classification |
|---|---|---|---|
| Assistance Fund / HYPE burn | 71.3% | $71.3 | Token burn |
| Community, HLP + deployers | 19.8% | $19.8 | Participant income |
| Unclassified | 8.9% | $8.9 | Unclassified |
Normalized statement
Every number keeps its boundary.
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
observedPerp/spot fees within adapter coverage; fee tiers, rebates, and HIP-3 growth mode vary. [1]
Method, period & unit
DefiLlama trailing-30-day fees adapter total.
Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16
Protocol-directed flow
observedNet protocol revenue
source conflictHolder-linked value
observedLP / supply-side income
observedValidator / node income
source conflictValidators earn commission and stakers receive future-emissions rewards, but no complete period-matched USD income series is used. [5]
Method, period & unit
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 conflictStaking rewards are explicitly future-emissions funded; the 30-day USD subsidy is unavailable. [5]
Method, period & unit
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
unavailableOfficial docs describe community destinations rather than a comparable retained protocol treasury series. [4]
Method, period & unit
No defensible period-matched figure available.
Trailing 30 days ending 15 Jul 2026 (UTC) · USD · retrieved 2026-07-16
Unclassified residual
derivedMay include rebates, referrals, deployer/product routing, and adapter coverage differences; not forced into another recipient. [1][4]
Method, period & unit
$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
unavailableToken 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
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.
Risk register
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.
- Normalized third-party data
Hyperliquid metrics and adapter methodology ↗
- Retrieved
- 2026-07-16
- Source updated
- Trailing snapshot through 15 Jul 2026
- Official API documentation and live API
Hyperliquid official info API ↗
- Retrieved
- 2026-07-16
- Source updated
- Live at retrieval
- Official documentation
About Hyperliquid ↗
- Retrieved
- 2026-07-16
- Source updated
- Page reported updated Jun 2026
- Official documentation
Hyperliquid trading fees and destinations ↗
- Retrieved
- 2026-07-16
- Source updated
- Page reported updated Mar 2026
- Official documentation
HYPE staking and validator rewards ↗
- Retrieved
- 2026-07-16
- Source updated
- Page reported updated Apr 2026
- Official documentation
HyperCore vaults ↗
- Retrieved
- 2026-07-16
- Source updated
- Living documentation
- Official documentation
Hyperliquid risks ↗
- Retrieved
- 2026-07-16
- Source updated
- Page reported updated Apr 2026