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Hyperliquid Stats

Hyperliquid's trading volume, open interest, market share and revenue in one place, with how it compares with other perp DEXs and Castle Labs' research on how it works. Refreshed every day.

Short answer

As of 4 November 2026, Hyperliquid traded $12.62B of perps in 24 hours, 43% of the $29.07B traded on the onchain perp DEXs Castle tracks, and held $7.65B in open interest, 57% of the onchain total.

It earned $66.9M in revenue over the last 30 days and $685.7M over 12 months, and HIP-3 markets run by outside teams made up 35% of its volume over the last 7 days.

Volume, last 24 hours
$12.62B
Share of onchain perp volume
43%
Open interest
$7.65B
Share of onchain open interest
57%
Revenue, last 30 days
$66.9M
Revenue, last 12 months
$685.7M
HIP-3 share of volume, 7 days
35%
Price to sales
30.4x

Volume and open interest updated 4 November 2026 · revenue updated 4 November 2026

Hyperliquid and its competitors

All 48 venues →
VenueVolume, 24hShare of volumeOpen interestShare of open interest
Hyperliquid$12.62B43%$7.65B57%
Lighter$3.29B11%$725.9M5.4%
Variational$2.93B10%$916.1M6.8%
GMX$2.58B8.9%$237.7M1.8%
Aster$1.82B6.3%$1.40B10%
Pacifica$843.9M2.9%$54.9M0.4%
Ondo Perps$548.1M1.9%$96.0M0.7%
edgeX$543.0M1.9%$141.4M1.1%

The eight largest onchain perp DEXs by 24-hour volume on 4 November 2026. Volume from CoinGecko, open interest from DefiLlama.

Hyperliquid's Share of Onchain Perp DEX Volume

Daily, as a % of 24-hour volume on the onchain perp DEXs Castle tracks

0%10%20%30%40%50%60%1 Nov

Source: CoinGecko, via Castle Labs · Data to 4 Nov 2026 · Updated daily

Castle Labs
View the data
DateHyperliquid share
24 Oct 202639.2%
25 Oct 202641.6%
26 Oct 202638.3%
27 Oct 202639.1%
28 Oct 202637.6%
29 Oct 202643.5%
30 Oct 202651.9%
31 Oct 202645%
1 Nov 202633.5%
2 Nov 202641.6%
3 Nov 202643.6%
4 Nov 202643.4%

Hyperliquid Revenue

Weekly protocol revenue

$0$10M$20M$30M$40MFeb '25Jun '25Oct '25Feb '26Jun '26Oct '26

Source: DefiLlama · Data to week of 26 Oct 2026 · Updated daily

Castle Labs
View the data
DateRevenue
10 Aug 2026$6.14M
17 Aug 2026$24.41M
24 Aug 2026$20.67M
31 Aug 2026$16.34M
7 Sep 2026$15.5M
14 Sep 2026$19.33M
21 Sep 2026$18.74M
28 Sep 2026$14.65M
5 Oct 2026$14.39M
12 Oct 2026$16.41M
19 Oct 2026$14.74M
26 Oct 2026$16.87M

HIP-3 Volume as a % of Total Volume

Daily share of Hyperliquid perp volume, since the HIP-3 launch in October 2025

  • HIP-3 volume
  • Crypto volume
0%50%100%Nov '25Feb '26May '26Aug '26Nov '26

Source: Hyperliquid API · Data to 3 Nov 2026 · Updated daily

Castle Labs
View the data
DateHIP-3 volumeCrypto volume
23 Oct 202641.6%58.4%
24 Oct 20269.6%90.4%
25 Oct 202621%79%
26 Oct 202639.4%60.6%
27 Oct 202643.1%56.9%
28 Oct 202649.5%50.5%
29 Oct 202627.6%72.4%
30 Oct 202629.4%70.6%
31 Oct 202614.1%85.9%
1 Nov 202622.1%77.9%
2 Nov 202646%54%
3 Nov 202644.2%55.8%

Hyperliquid Builder Code Fees by Frontend

All-time builder code fees on Hyperliquid, ten largest frontends tracked by DefiLlama

Phantom$27.6MBasedApp$15.3MMetaMask$13.3Mpvp.trade$8MTrust Wallet$4.3MInsilico Terminal$4.2Mfomo$3.6MInfinex$2.8MRabby$2.7MLiquid$2.2M

Source: DefiLlama · Data to 4 Nov 2026 · Updated daily

Castle Labs
View the data
Builder code fees, all time
Phantom$27.57M
BasedApp$15.35M
MetaMask$13.35M
pvp.trade$8.02M
Trust Wallet$4.26M
Insilico Terminal$4.19M
fomo$3.59M
Infinex$2.84M
Rabby$2.67M
Liquid$2.21M

Hyperliquid revenue

$66.9M over the last 30 days, about $2.2M a day, and $685.7M over 12 months: number 4 among crypto protocols by revenue.

Daily, weekly and monthly revenue charts →

How Hyperliquid works

Is Hyperliquid a company?

Co-founder Jeff Yan says it isn't. No venture investors took part in its funding, Hyperliquid Labs has about a dozen people, and trading fees are turned into HYPE by the chain's own logic rather than by a discretionary buyback programme.

Hyperliquid is Not a Company →

HIP-3: markets anyone can deploy

HIP-3 lets outside teams launch their own perp markets on Hyperliquid, on assets such as oil, gold, silver and stocks. HIP-4 adds binary prediction markets, and our piece estimates how much HYPE buyback revenue they could bring at 3 to 4 bps fees.

Making All Markets Hyperliquid →

How its oil market compares with CME

We compared Hyperliquid's oil perp with CME WTI futures over 432 hours of data. CME showed 125x more depth within 2 bps of the mid price, and its median trade was $90,450 against $543 on Hyperliquid.

432 Hours of Hyperliquid Oil Market Data →

USDH, its native stablecoin

Paxos, Frax, Native Markets, Agora, Sky, Ethena and others bid to issue Hyperliquid's own stablecoin in September 2025, when 95% of the $5.8B of stablecoins on Hyperliquid was USDC.

USDH: A Hyperliquid Aligned Stablecoin →

Castle's Hyperliquid research

From the report

Mapping the Perpetual Trading Ecosystem

Our perp report compares Hyperliquid with Lighter, Variational, TradeXYZ, Ondo and QFEX, and with Binance, Bybit and OKX, on cost to open, slippage, resting depth, funding and index quality, using live order-book data.

Read the Report

Questions and Method

What are Hyperliquid's stats today?
As of 4 November 2026, Hyperliquid traded $12.62B of perps in 24 hours, 43% of the $29.07B traded on the onchain perp DEXs Castle tracks, and held $7.65B in open interest, 57% of the onchain total. It earned $66.9M in revenue over the last 30 days and $685.7M over 12 months, and HIP-3 markets run by outside teams made up 35% of its volume over the last 7 days.
What is Hyperliquid's trading volume?
Hyperliquid traded $12.62B of perps in the 24 hours to 4 November 2026 and $71.45B over the last 7 days, 45% of the onchain perp DEX volume Castle tracks. Binance futures traded $73.05B over the same 24 hours, so Hyperliquid did 17% of Binance's volume.
How much revenue does Hyperliquid make?
$66.9M in the 30 days to 4 November 2026, about $2.2M a day, and $685.7M over 12 months, ranking it number 4 among crypto protocols by revenue. Castle's Hyperliquid revenue page has the daily, weekly and monthly charts.
Who are Hyperliquid's main competitors?
By 24-hour volume, the next largest onchain perp DEXs are Lighter ($3.29B), Variational ($2.93B) and GMX ($2.58B), against Hyperliquid's $12.62B. Hyperliquid ranks number 1 of 48 tracked venues by open interest, with 57% of the total.
Is Hyperliquid a company?
Co-founder Jeff Yan says it isn't: "Hyperliquid is not a company", he said in a February 2026 interview. No venture investors took part in its funding, Hyperliquid Labs has about a dozen people, and fees are turned into HYPE by the chain's own logic rather than a discretionary buyback programme. Castle's notes from the interview are in Hyperliquid is Not a Company.
What is HIP-3?
HIP-3 lets outside teams deploy their own perp markets on Hyperliquid, on assets such as oil, gold, silver and stocks. These markets made up 35% of Hyperliquid's volume over the last 7 days, from Hyperliquid's public API.
What is USDH?
USDH is Hyperliquid's own stablecoin. Paxos, Frax, Native Markets, Agora, Sky, Ethena and others bid to issue it in September 2025, when 95% of the $5.8B of stablecoins on Hyperliquid was USDC.
Where does this data come from?
Open interest and revenue from DefiLlama, 24-hour volumes from CoinGecko, the HIP-3 share from Hyperliquid's public API, and the P/S ratio from CoinGecko market caps. Castle Labs refreshes all of it every day.

Raw data, refreshed daily: perps.json. Free to cite with a link to this page.

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