Hyperliquid logs $687 million in a year

Hyperliquid's protocol revenue over the 365 days through November 2, 2026 was $687 million, on DefiLlama's fee chart. Fees over that same year were $903 million. Revenue here is the share the page counts as the protocol's. Fees are what traders paid. The gap between $903 million and $687 million is the part that does not reach the protocol.

A perpetual is a futures contract with no expiration date. The trader posts margin, and the position stays open until it is closed or the margin is gone. Hyperliquid's revenue is mostly the toll on that book. The contract, in plain words, is here: https://cryptokeymedia.com/news/what-is-a-perpetual-future

A same-morning writeup put twelve-month revenue near $713 million, and said the venue took no outside venture capital. The $713 million is not this pull. DefiLlama's year, ending November 2, is $687 million. The two numbers are close. They are not the same window, and this story uses the chart. The venture-capital line is the writeup's. It is not a row on the fee table.

The last 30 days of protocol revenue were $66.3 million. September, on the same daily series, was $74.2 million. October was $69.1 million. July was $38.4 million, the low month of 2026 on this chart. The recent band is the last two full months, not the year. Multiply the 30-day print by twelve and the run rate is about $796 million. That assumes November through next October repeats the last month. July is the month that shows the assumption can fail. The trailing year, $687 million, is the year that already printed.

DefiLlama's methodology says 99 percent of perpetual fees, excluding builder fees, go to the Assistance Fund to buy HYPE. Spot fees take the same route after August 30, 2025, at 99 percent, after builder fees and maker rebates. The buy is the sentence the methodology actually writes. What happens to the tokens after the buy is a second claim. Tokenomics.com describes the fund as a buyback that permanently removes HYPE, through an address with no private key. An October 10 note, citing Strata Terminal, said the fund holds about 47.9 million HYPE rather than burning them. Both lines can be quoted. They do not describe one settled mechanism.

HIP-3 is how a team other than the core group lists a market. Hyperliquid said on October 29 that trade.xyz and Intercontinental Exchange plan to use the chain, through a permissioned variant it calls HIP-3*, for perpetual futures aimed at traders in the United States. The plan is subject to regulatory approval. ICE operates the New York Stock Exchange. The contracts named in the post span equities, indices, commodities, foreign exchange, and crypto. Existing HIP-3 markets stay as they are. The post is here:

The third-party book is still small next to the core one. Castle Labs, as of October 7, put cumulative protocol revenue above $1.4 billion, with native perpetual futures at about $1.2 billion, or 88.7 percent, and HIP-3 perpetuals at $29.2 million. DefiLlama's all-time protocol revenue, through November 2, is $1.39 billion. On that split, HIP-3 is tens of millions against a native book measured in billions. The next $100 million of monthly revenue is not sitting in the HIP-3 line yet.

What comes next is the approval the October 29 post already named. The U.S. market is not open. If it opens, the question is how much of the fee stays with the protocol. DefiLlama already leaves builder fees out of the 99 percent. A third-party equity or commodity market can add volume and still send a smaller share to the Assistance Fund than the core perpetual book does. Until a month prints with that market live, the figure to keep is the chart: $687 million of protocol revenue in the year through November 2, and $66.3 million in the last 30 days.