How much revenue does Hyperliquid make per day?

About $2.4M a day on average over the 30 days to 14 October 2026 ($71.7M in total). Over the last 24 hours it earned $2.2M. Daily revenue moves with trading volume, so it rises sharply in volatile markets.

What was Hyperliquid's revenue over the last 12 months?

$694.1M in revenue over the last 12 months, from DefiLlama's count across Hyperliquid's perps, spot order book and outcome markets. At today's circulating HYPE market cap, that puts Hyperliquid at 26.5 times its trailing revenue.

Where does Hyperliquid's revenue come from?

Trading fees on its perpetual futures exchange, including HIP-3 markets deployed by third parties, with a small share from the spot order book. The figures here combine Hyperliquid Perps, Hyperliquid Spot Orderbook and Hyperliquid Outcomes. Gas on HyperEVM is burned and is a small part of the total: $600.2K over the last 30 days.

What is the difference between Hyperliquid's fees and revenue?

Fees are everything traders pay: $87.9M over the last 30 days. DefiLlama counts 99% of perp and spot fees, net of builder code fees, as revenue because that share goes to the Assistance Fund to buy HYPE; the remaining 1% goes to HLP vault depositors. Builder code fees go to the frontends that route the trades.

How does Hyperliquid's revenue compare with blockchains?

Hyperliquid's exchange earned more over 30 days than any blockchain collected in blockspace fees: the top chain, Solana, took $28.0M. That is the subject of Castle Labs' report The Verticalisation Thesis: a chain that owns its main application captures value that selling blockspace no longer does.

Where does this data come from?

Revenue totals from DefiLlama's fees and revenue data, 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.

Live data · updated daily

Hyperliquid Revenue

How much Hyperliquid earns, where it comes from and how it has moved: revenue over the last day, 30 days and 12 months, weekly and monthly charts, and the share coming from HIP-3 markets. Refreshed every day.

Short answer

Hyperliquid earned $71.7M in revenue in the 30 days to 14 October 2026, about $2.4M a day, and $694.1M over the last 12 months. That ranks it number 3 among crypto protocols by revenue, behind Tether and Circle.

Almost all of it comes from perp trading: HyperEVM gas was 1.3% of revenue last week. HIP-3 markets, where outside teams list perps on assets such as oil and gold, made up 26% of Hyperliquid's volume over the last 7 days.

Revenue, last 24 hours: $2.2M
Revenue, last 30 days: $71.7M
Average per day, 30 days: $2.4M
Revenue, last 12 months: $694.1M

Hyperliquid Revenue

Weekly protocol revenue

Source: DefiLlama · Data to week of 5 Oct 2026 · Updated daily

View the data

Date	Revenue
20 Jul 2026	$7.37M
27 Jul 2026	$8.34M
3 Aug 2026	$6.44M
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

Hyperliquid Monthly Protocol Fees

Monthly fees, from December 2024

Source: DefiLlama · Data to Sep 2026 · Updated daily

View the data

Date	Protocol fees
Oct 2025	$125M
Nov 2025	$101M
Dec 2025	$68.75M
Jan 2026	$77.29M
Feb 2026	$70.7M
Mar 2026	$69.49M
Apr 2026	$58.67M
May 2026	$62.18M
Jun 2026	$80.98M
Jul 2026	$55.14M
Aug 2026	$77.77M
Sep 2026	$91.33M

Hyperliquid Revenue Source: Perp DEX vs Chain

Weekly share of revenue

Perp DEX
Chain (HyperEVM gas)

Source: DefiLlama · Data to week of 5 Oct 2026 · Updated daily

View the data

Date	Perp DEX	Chain (HyperEVM gas)
20 Jul 2026	99.1%	0.9%
27 Jul 2026	99.2%	0.8%
3 Aug 2026	98.8%	1.2%
10 Aug 2026	99.2%	0.8%
17 Aug 2026	95.8%	4.2%
24 Aug 2026	98.1%	1.9%
31 Aug 2026	98.6%	1.4%
7 Sep 2026	98.9%	1.1%
14 Sep 2026	99.2%	0.8%
21 Sep 2026	99.3%	0.7%
28 Sep 2026	99.3%	0.7%
5 Oct 2026	98.7%	1.3%

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

HIP-3 volume
Crypto volume

Source: Hyperliquid API · Data to 13 Oct 2026 · Updated daily

View the data

Date	HIP-3 volume	Crypto volume
2 Oct 2026	23.2%	76.8%
3 Oct 2026	12.5%	87.5%
4 Oct 2026	12.4%	87.6%
5 Oct 2026	26.3%	73.7%
6 Oct 2026	35.3%	64.7%
7 Oct 2026	26.3%	73.7%
8 Oct 2026	25.8%	74.2%
9 Oct 2026	33%	67%
10 Oct 2026	8.3%	91.7%
11 Oct 2026	12%	88%
12 Oct 2026	28.1%	71.9%
13 Oct 2026	33%	67%

From the report

The Verticalisation Thesis: How Blockchain Revenue Models Are Evolving

Hyperliquid generated more than $1 billion in fees in the 12 months to July 2026, $881 million of it from its perp exchange, while Ethereum's chain fees fell 94.7% from 2021 to 2025. Our report explains why chains are moving from selling blockspace to running their own products.

Read the Report

Questions and Method

How much revenue does Hyperliquid make per day?: About $2.4M a day on average over the 30 days to 14 October 2026 ($71.7M in total). Over the last 24 hours it earned $2.2M. Daily revenue moves with trading volume, so it rises sharply in volatile markets.
What was Hyperliquid's revenue over the last 12 months?: $694.1M in revenue over the last 12 months, from DefiLlama's count across Hyperliquid's perps, spot order book and outcome markets. At today's circulating HYPE market cap, that puts Hyperliquid at 26.5 times its trailing revenue.
Where does Hyperliquid's revenue come from?: Trading fees on its perpetual futures exchange, including HIP-3 markets deployed by third parties, with a small share from the spot order book. The figures here combine Hyperliquid Perps, Hyperliquid Spot Orderbook and Hyperliquid Outcomes. Gas on HyperEVM is burned and is a small part of the total: $600.2K over the last 30 days.
What is the difference between Hyperliquid's fees and revenue?: Fees are everything traders pay: $87.9M over the last 30 days. DefiLlama counts 99% of perp and spot fees, net of builder code fees, as revenue because that share goes to the Assistance Fund to buy HYPE; the remaining 1% goes to HLP vault depositors. Builder code fees go to the frontends that route the trades.
How does Hyperliquid's revenue compare with blockchains?: Hyperliquid's exchange earned more over 30 days than any blockchain collected in blockspace fees: the top chain, Solana, took $28.0M. That is the subject of Castle Labs' report The Verticalisation Thesis: a chain that owns its main application captures value that selling blockspace no longer does.
Where does this data come from?: Revenue totals from DefiLlama's fees and revenue data, 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: revenue.json. Free to cite with a link to this page.

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