Hyperliquid Surpasses $1B in Cumulative Revenue

Hyperliquid has taken the top spot in year-to-date revenue rankings among all crypto projects, generating approximately $429 million between January and September. The decentralized perpetual futures exchange operates on its own Layer-1 blockchain called HyperCore, optimized for low-latency execution.

The platform's cumulative all-time revenue as of mid-September sat between $1.26 billion and $1.31 billion, with more than a third of that total earned in just the first nine months of this year. The massive figure is largely due to the 99% routing of perpetual futures trading fees into the Assistance Fund.

The Assistance Fund uses these proceeds to buy back and burn HYPE tokens, resulting in approximately 48.7 million tokens being removed from circulation as of September. This represents about 4.9% of the total supply.