Hyperliquid’s $5.25B OI fuels $513K daily revenue – Can burns sustain HYPE’s rally?

Hyperliquid’s Open Interest climbed to a record $5.25 billion, overtaking Bybit’s $5.07 billion. The milestone extends earlier gains over HTX, Bitfinex, Kraken, and Coinbase. Those rankings reflect sustained growth across the perpetual Futures market.

Trading activity also remained elevated throughout the latest reporting period. Hyperliquid [HYPE] processed $3.48 billion in perpetual volume over the past 24 hours. Monthly perpetual volume also reached $196 billion, reinforcing steady trader participation.

According to DeFiLlama data, over the last 24 hours, Hyperliquid traded approximately $13 billion in perpetual trading volume. Additionally, monthly perpetual trading volume stood at $196 billion, continuing to demonstrate increased participation among traders.

Those figures suggest traders continue opening and holding positions rather than exiting quickly. That pattern supports the continued rise in outstanding contracts across the platform.

Nevertheless, it should be noted that record Open Interest alone cannot distinguish fresh participation from heavier leverage. Instead, strong volume along with rising Open Interest shows that conviction remains healthy even as leverage is growing.

Maintaining deep liquidity, orderly liquidations, and consistent participation will determine if Hyperliquid can retain leadership in derivatives against competitors.

Protocol revenue continues expanding

Hyperliquid continues leveraging its strong derivatives activity and converting higher trading demand into real value capture. Over the last 24 hours, Hyperliquid burned approximately $643,140 worth of HYPE tokens, reflecting fees generated as usage on the platform continues.

That activity also transferred $513,800 of protocol revenue to both the Assistance Fund and token holders and links the growth of the network directly to incentives within the ecosystem.

Meanwhile, cumulative burns reached 46.18 million HYPE, worth roughly $2.43 billion, or 4.62% of the token’s maximum supply. Rather than relying solely on a deflationary mechanism, Hyperliquid continues pairing token burns with recurring protocol revenue.

Previously, AMBCrypto reported that Hyperliquid revenue generation has strengthened as usage of the protocol has grown along with this trend.

Recently, priority fees have emerged as another meaningful contributor and have generated $5.07 million since April, with $2.75 million in the last month alone.

Those proceeds complement trading fees by adding another recurring revenue stream. Meanwhile, buybacks through the Assistance Fund and priority-fee burns continue to reinforce value capture, provided elevated trading volume and Open Interest remain sustained.

All in all, if trading activity stays high, that combination could enhance long-term value capture by reducing supply at the same time, rewarding participants through sustained cash flows generated by the network.

Final Summary