CoinMeta Data: The decentralized perpetual contract trading platform hyperliquid surpassed $1 billion in cumulative protocol revenue on June 30, 2026. In the first quarter of 2026, the platform's trading volume was approximately $492 billion, second only to Coinbase. Approximately 97% to 99% of the protocol fees from hyperliquid are used through assistance and fund for public market repurchases of HYPE. Over 41 million tokens have been repurchased and destroyed, valued at over $1 billion. hyperliquid has its own built-in blockchain, and HIP-3 allows users to create permissionless asset markets based on price feeds. Protocol revenue mainly comes from opening and closing trades, as well as fees for creating new markets. The fee rates are periodically exchanged between buyers and sellers, and the platform does not retain this portion of the funds.