Hyperliquid, at a glance.
The data behind the Collective's quarterly and annual reports.
Market Cap (Circulating)
$17.26B
as of Aug 11, 2026
Hyperliquid Revenue (TTM)
$770.11M
Aug 12, 2025 to Aug 11, 2026
Operating Net Income (TTM)
$761.43M
98.9% margin on revenue
P/E (TTM, Circulating)
16.7x
vs COIN 54.8x, HOOD 42.0x
Financials
Fees by segment, the third-party splits that never touch Hyperliquid's books, the cost of liquidity, and operating net income on a trailing twelve-month basis.
Income Statement
HRC methodology, total economic value through to operating net income, TTM (Aug 12, 2025 to Aug 11, 2026)Total Economic Value (TTM)
$886.43M
every fee the protocol produces
Hyperliquid Revenue (TTM)
$770.11M
after third-party fee shares
Operating Net Income (TTM)
$761.43M
98.9% margin on revenue, 85.9% on total economic value
Total HYPE Removed
+$743.28M
Net Supply Change
+$179.94M defl.
Source: hl.eco
Full Waterfall, Total Economic Value to Operating Net Income (TTM)
| Line Item | TTM Amount | % of TEV / Revenue † |
|---|---|---|
| Native perp trading fees | $684.81M | 77.3% |
| HIP-3 perp trading fees | $23.70M | 2.7% |
| Spot trading fees | $34.85M | 3.9% |
| Builder code fees | $80.07M | 9.0% |
| HIP-3 deployer fees | $22.19M | 2.5% |
| Spot deployer fees | $14.07M | 1.6% |
| Priority fees (write + read) | $6.53M | 0.7% |
| HyperEVM gas | $10.77M | 1.2% |
| Auction fees | $9.44M | 1.1% |
| Total economic value | $886.43M | 100.0% |
| Less: builder code fee share | ($80.07M) | 9.0% |
| Less: HIP-3 deployer fee share | ($22.19M) | 2.5% |
| Less: spot deployer fee share | ($14.07M) | 1.6% |
| Revenue | $770.11M | 86.9% |
| Less: HLP fee share † | ($8.68M) | 1.1% |
| Operating net income † | $761.43M | 98.9% |
Three tiers. Total economic value is every fee the protocol produces. Builder code and deployer fee shares are atomic splits under HIP-1 and HIP-3 — the protocol routes them to the builder or deployer at the moment of the fill, and they never reach Hyperliquid's books — so they are removed to reach Revenue. HLP's fee share is a different kind of item: it is paid out of money Hyperliquid did receive, so it sits below the revenue line as a cost of liquidity. Operating net income is the same number under either presentation.
† Share of Revenue, not of total economic value. The percentage column changes basis at the Revenue line: line items down through Revenue are a share of total economic value, while the HLP fee share and operating net income are a share of Revenue. Carrying one denominator through would understate the cost of liquidity against the revenue it is actually charged to.
Source: hl.eco
Supply Impact (TTM): HYPE Removed vs Emitted
| AF buybacks | +$716.54M |
| Priority fee burns | +$6.53M |
| HyperEVM gas burns | +$10.77M |
| Auction burns | +$9.44M |
| Total HYPE removed | +$743.28M |
| Staking emissions (est. at current rate) | -$563.35M |
| Net supply change | +$179.94M deflationary |
Three tiers. Total economic value reflects the full fee volume generated by the Hyperliquid network, including fees that are atomically split to builders and to HIP-3 / spot deployers at the protocol level and never reach Hyperliquid. Revenue reflects only the portion Hyperliquid recognizes, after removing those fee shares. Operating net income deducts HLP cost of liquidity, a direct cost of running the market-making program, from revenue (1% of core trading fees, 3% before the 2025-08-26 upgrade, applied per day). Priority fees, HyperEVM gas and auction fees carry no third-party split. Exact from Reservoir fills from 2025-07-28; DefiLlama-estimated before that. Staking emission is estimated at the current annual rate, pro-rated to the window and capped at one year.
Source: hl.eco
Methodology & Sources
- Data feed
- Figures are served live from hl.eco's data pipeline (as of Aug 11, 2026) and refresh with the page every five minutes. Daily series are built from settled exchange fills and run roughly one day behind.
- Financials
- Three tiers. Total economic value reflects the full fee volume generated by the Hyperliquid network, including fees that are atomically split to builders and to HIP-3 / spot deployers at the protocol level and never reach Hyperliquid. Revenue reflects only the portion Hyperliquid recognizes, after removing those fee shares. Operating net income deducts HLP cost of liquidity, a direct cost of running the market-making program, from revenue (1% of core trading fees, 3% before the 2025-08-26 upgrade, applied per day). Priority fees, HyperEVM gas and auction fees carry no third-party split. Exact from Reservoir fills from 2025-07-28; DefiLlama-estimated before that. Staking emission is estimated at the current annual rate, pro-rated to the window and capped at one year. Three tiers. Total economic value is every fee the protocol produces. Builder code and deployer fee shares are atomic splits under HIP-1 and HIP-3 — the protocol routes them to the builder or deployer at the moment of the fill, and they never reach Hyperliquid's books — so they are removed to reach Revenue. HLP's fee share is a different kind of item: it is paid out of money Hyperliquid did receive, so it sits below the revenue line as a cost of liquidity. Operating net income is the same number under either presentation.
- Peers
- Listed peers: revenue and net income from SEC XBRL company facts, market cap from live price times shares outstanding, headcount from each filer's most recent annual report. Hyperliquid: market cap on the circulating basis; both a gross-revenue and an operating-net-income figure are returned because they are different measures and should not be mixed in one table.
- Vehicles
- ETF flows and AUM from Farside Investors and issuer disclosures; DAT treasuries as disclosed by each issuer (HSI weekly dashboard, SEC EDGAR), marked at the live HYPE price.
- Charts
- Monthly and weekly chart series are aggregated from hl.eco's daily series.
- Disclaimer
- This page is for informational purposes only and does not constitute investment advice.