Report · FolioPlanned

Hyperliquid Monthly Report: Volume, Fees and Buybacks

How much traded on Hyperliquid this month, what did it earn in fees and how much HYPE did that buy back?

Hyperliquid each month: perp and spot volume, open interest, fees, HYPE bought back, HLP returns, liquidations and HIP-3 markets.

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Blueprint

What the report will cover.

The report as it will open in Folio. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.

A monthly edition, dated and cited

Hyperliquid Monthly Report: Volume, Fees and Buybacks

  1. Hyperliquid this month in brief

    Volume, open interest, fees and buybacks for the month, and the markets that drove the change from last month.

    • Perp volume
    • Open interest at month end
    • Fees paid
  2. Markets and open interest

    Volume and open interest by market, perps and spot apart, funding over the month and the markets that grew most.

    • Volume by market
    • Average funding by market
    • Spot volume
  3. Fees, buybacks and HLP

    The fees traders paid, the HYPE the Assistance Fund bought, its holdings at month end and the HLP vault's return.

    • HYPE bought back
    • Assistance Fund holdings
    • HLP return
  4. Liquidations and deleveraging

    Liquidations by market and side, any auto-deleveraging events and the largest positions closed.

    • Liquidated
    • Auto-deleveraged notional
    • Largest liquidation
  5. HIP-3 markets

    Builder-deployed markets launched or closed, their volume and open interest and the HYPE staked behind them.

    • HIP-3 volume
    • HIP-3 markets live
    • HYPE staked by deployers
  6. HyperEVM and deposits

    USDC deposits and withdrawals, HyperEVM transactions and the contracts used most.

    • Net USDC deposits
    • HyperEVM transactions
About

What it answers, and for whom.

Hyperliquid runs its order books on its own chain: HyperCore matches perpetual and spot trades on-chain, and HyperEVM runs smart contracts beside it. Because every fill, funding payment and liquidation is recorded in HyperCore's state, a month of Hyperliquid can be measured exactly. This report does that in one dated edition.

Each edition covers trading volume and open interest by market, the fees traders paid, the HYPE the Assistance Fund bought with them, the return of the HLP vault, liquidations and any auto-deleveraging, the builder-deployed HIP-3 markets and the deposits and activity on HyperEVM. Figures are tied to HyperCore blocks and HyperEVM transactions.

Method

How it will be measured.

Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.

How receipts work →
  1. Volume counts each fill once, at its price and size, from HyperCore fill records, with perps, spot and HIP-3 markets kept apart.
  2. Open interest and funding come from each market's state at hourly snapshots; the monthly figures are the level at month end and the average over the month.
  3. Fees are what traders paid on fills, net of maker rebates; buybacks are the HYPE bought by the Assistance Fund address, read from its fills and its balance.
  4. HLP's return is the change in the vault's equity per share over the month; deposits are the USDC moved through Hyperliquid's bridge contracts and native transfers.

The data it needs

Chain data, with some off-chain sources

  • perps_markets_dailyTo buildOn-chain perpetualsVolume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
  • protocol_revenue_dailyTo buildProtocol fees, revenue and buybacksFees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks.
  • liquidationsTo buildLiquidationsEvery liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
  • bridge_flows_dailyTo buildBridge deposits and withdrawalsDeposits into and withdrawals out of canonical and major third-party bridges by chain, token and day, plus escrow balances at day end.
  • chain_activity_dailyTo buildChain activity by dayTransactions, active sending addresses, new addresses, contracts created and gas used on each chain per day, counted from blocks and transactions.
  • HyperCore fills, funding payments and liquidation records for the month
  • Market state snapshots: open interest, mark prices and funding rates
  • Assistance Fund fills and HYPE balance
  • HLP vault equity and share supply at the month's first and last blocks
  • Deposits and withdrawals of USDC through Hyperliquid's bridge contracts
  • HyperEVM blocks: transactions, senders and contracts
Questions

Questions people ask.

How much does Hyperliquid earn?

Its revenue is the trading fees users pay, net of maker rebates. The report sums them for the month from HyperCore's fills and shows how much went to buy HYPE through the Assistance Fund, so revenue and buybacks can be compared directly.

Where do Hyperliquid's trading fees go?

Trading fees go to the Assistance Fund, which buys HYPE on Hyperliquid's own spot market and holds it, and in part to the HLP vault. Builder fees on routed orders go to the builders. The report shows the month's split as the chain records it.

How is HLP's monthly return measured?

HLP is Hyperliquid's community vault, which makes markets and takes over liquidated positions. Its return for the month is the change in equity per share between the month's first and last blocks, so deposits and withdrawals do not distort it.

Are HIP-3 markets counted in Hyperliquid's volume?

They are shown apart. HIP-3 markets are deployed by builders who stake HYPE, and trade beside Hyperliquid's own perps. The report gives their volume, open interest and fees on their own line, then totals with and without them.

How does Hyperliquid compare with other perp DEXs?

The report includes Hyperliquid's share of on-chain perp volume for the month, using the same fill-based definition for each venue covered. The perp DEX market share dashboard shows the comparison day by day.

HyperCore
Hyperliquid's native layer, where order books, positions, margin and liquidations run as part of the chain's state.
Assistance Fund
The address that receives Hyperliquid's trading fees and uses them to buy HYPE on its spot market.
HyperEVM
The EVM chain that runs beside HyperCore on Hyperliquid, where smart contracts can read and use HyperCore's state.

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