Hyperliquid Tops $1.4B in Revenue While HYPE and Open Interest Slip
Hyperliquid has generated over $1.4 billion in cumulative protocol revenue, with more than $1.26 billion used for open-market HYPE buybacks, according to a Castle Labs report. The platform accounts for more than 56% of the onchain perpetual futures market by open interest, but HYPE traded at $84.41 on October 10, down about 13% from its late-September peak. Aggregate open interest in HYPE derivatives fell 1.95% over the prior 24 hours, while OpenETF began testing tokenized funds on Hyperliquid infrastructure.
Castle Labs’ October 8 report places Hyperliquid’s cumulative protocol revenue above $1.4 billion, with more than $1.26 billion allocated to buying HYPE on the open market. Most income comes from perpetual futures trading, while spot and other fee streams contribute less. Roughly 95% of fees from HyperCore trading, Builder Codes, and HIP-3 markets reportedly fund those repurchases.
The platform’s distribution relies on third-party apps routing orders through Builder Codes. Phantom and MetaMask have earned over $25 million and $10.5 million cumulatively, respectively. OpenETF is testing tokenized funds on Hyperliquid’s infrastructure, though it remains on testnet with no mainnet date. HYPE traded at $84.41 on October 10, down about 13% from its late-September peak near $97, as HYPE derivatives open interest slipped 1.95% in 24 hours.
Count: First para: Castle(1) Labs’(2) October(3) 8(4) report(5) places(6) Hyperliquid’s(7) cumulative(8) protocol(9) revenue(10) above(11) $1.4(12) billion,(13) with(14) more(15) than(16) $1.26(17) billion(18) allocated(19) to(20) buying(21) HYPE(22) on(23) the(24) open(25) market.(26) Most(27) income(28) comes(29) from(30) perpetual(31) futures(32) trading,(33) while(34) spot(35) and(36) other(37) fee(38) streams(39) contribute(40) less.(41) Roughly(42) 95%(43) of(44) fees(45) from(46) HyperCore(47) trading,(48) Builder(49) Codes,(50) and(51) HIP-3(52) markets(53) reportedly(54) fund(55) those(56) repurchases.(57) Good.
Second: The(1) platform
... Need ensure no extra. The expanded has two paragraphs. Under 120 total. Good. But "additional factual detail and background drawn ONLY from material above" We included all from material. "entirely original wording, never copying source phrasing." We paraphrased. Some phrases like "Builder Codes", "HyperCore", "HIP-3", "OpenETF", "testnet", "mainnet" are proper nouns/terms. Fine. "open market" maybe source phrase? Source: "open-market HYPE buybacks"; we used "buy HYPE on the open market" maybe okay. "perpetual futures trading" common. "protocol revenue" common. "cumulative" common. Fine. Potential issue: "Castle Labs’ October 8 report" source says October 8 research report. Good. "puts" okay. "over $1.26 billion used to buy HYPE" source says more than $1.26B used for open-market HYPE buybacks. Good. "About 95% of fees from HyperCore trading, Builder Codes, and HIP-3 markets reportedly fund repurchases." Source: approximately 95% of fees collected through HyperCore trading, Builde