Hyperliquid Revenue Hits $429 Million as HYPE Token Surges Near $95
Hyperliquid, a decentralized perpetuals exchange, has reported $429 million in revenue so far this year. The figure is notable because it coincides with a fresh all-time high near $95 for its native token, HYPE. This surge in price and trading activity also comes alongside a record number of monthly active addresses on the platform.
The exchange's structure ties the value of HYPE to Hyperliquid's business performance. A portion of the exchange's revenue is used to buy back and burn HYPE tokens from the market, reducing their circulating supply over time. This setup allows observers to track the token's value through publicly available data rather than relying on self-reported figures.
The record in monthly active addresses suggests deeper usage and higher-value activity on the platform. This is distinct from revenue growth driven by a small number of large traders, which may not necessarily translate to address growth.