What to Know
- Hyperliquid has burned 49.87 million HYPE tokens worth $3.89 billion, removing nearly 5% of its maximum supply through buybacks.
- Revenue exceeding $1.38 billion supports HYPE purchases, while trading fees and additional network mechanisms contribute to token supply reductions.
- Monthly HYPE unlocks of 9.9 million tokens significantly exceed estimated buybacks of 591,000 tokens, creating substantial circulating supply pressure.
Hyperliquid has removed 49.87 million HYPE tokens through revenue-funded purchases, representing nearly 5% of supply. According to OnchainLens, Hyperliquid’s burned tokens are worth $3.89 billion, supported by substantial trading revenue.
Hyperliquid’s $1.38 Billion Revenue Funds Multiple Token Burn Mechanisms
Hyperliquid has generated over $1.38 billion in cumulative protocol revenue, including $63.52 million over 30 days, primarily funding token purchases through trading fees. The exchange allocates between 97% and 99% of trading fees toward HYPE purchases, burning 19,700 tokens worth $1.59 million against daily fees of $1.69 million.
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The Assistance Fund operates through a system smart contract without private keys, while 85% of validators approved recognizing its holdings as permanently burned in December 2025. Additional supply reduction mechanisms include AQAv2 yield routing, HyperEVM gas burning, and HIP-3 developer penalties, which supplement fee-funded purchases and reduce HYPE supply. Since buybacks use dollar-denominated revenue, HYPE prices influence token removal volumes, with prices around $78 to $80 reducing purchasing quantities.
Monthly HYPE Unlocks Outpace Current Buyback Volumes
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Hyperliquid also faces scheduled vesting releases involving approximately 9.9 million HYPE tokens each month for team members and early contributors. At the reported daily rate of 19,700 tokens, buybacks would remove approximately 591,000 HYPE over a 30-day period.
That volume would offset roughly 6% of scheduled monthly unlocks, leaving releases substantially higher than the current burn rate. The difference amounts to approximately 9.31 million HYPE tokens per month, based on the reported figures and unchanged daily purchases. Despite the substantial cumulative burn, scheduled vesting currently exceeds estimated monthly buybacks, placing upward pressure on circulating supply.
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