# Hyperliquid Revenue and HYPE Buybacks > Hyperliquid revenue from trading fees by day and market, and the HYPE buyback: what the Assistance Fund buys on the spot book, its balance and the USDC spent. Markdown copy of https://voltfincrypto.com/apps/hyperliquid-revenue-buybacks **Question:** How much does Hyperliquid earn in trading fees, and how much HYPE does that buy back? - Kind: Dashboard in Voltfin Vantage - Topic: [DAOs and treasuries](https://voltfincrypto.com/topics/governance) - Chains: Hyperliquid - Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is. Hyperliquid earns a fee on every trade on its order books, and most of the protocol's share of those fees flows to the Assistance Fund, which uses it to buy HYPE on the spot market. This dashboard measures both sides each day: the fees from HyperCore's fills, and the HYPE the Assistance Fund bought and the USDC it spent doing so. Fees are counted net of maker rebates, with builder fees and market deployers' shares shown apart, because those go to front ends and deployers rather than to the protocol. The HYPE the Assistance Fund holds sits at a system address that no key controls, and the dashboard shows that balance on its own line. Use it to see how revenue moves with trading volume, how much of it turns into buybacks and how the HLP vault performs beside them. Each figure names the HyperCore block and the fills or balance reads behind it. ## Blueprint ### Revenue Trading fees by day and by market, beside the HLP vault. - **Fees, last 24 hours** (USD): Trading fees charged on HyperCore over the last 24 hours, net of maker rebates, builder fees left out. - **Fees, 30 days** (USD): Net trading fees over the last 30 days, summed from every fill. - **Fees, trailing year** (USD): Net trading fees over the last 365 days, summed from daily totals rather than extrapolated. - **HLP vault return, 30 days** (%): The HLP vault's profit and loss over the last 30 days as a share of its equity, kept apart from protocol fees. - **Fees by day** (USD): Daily trading fees split into perpetual, spot and HIP-3 markets, with builder fees drawn as a separate band. ### Buybacks What the Assistance Fund buys and what it holds. - **HYPE bought, last 24 hours** (HYPE): HYPE bought by the Assistance Fund on the HYPE/USDC spot book over the last 24 hours. - **USDC spent, last 24 hours** (USDC): The USDC the Assistance Fund spent on those purchases over the same 24 hours. - **Assistance Fund HYPE** (HYPE): HYPE held at the Assistance Fund's system address at the latest daily snapshot. - **Share of supply held** (%): The Assistance Fund's HYPE as a share of HYPE supply counted with that balance included, at the same snapshot. - **HYPE bought by day** (HYPE): HYPE bought by the Assistance Fund each day, with the USDC spent and the average price paid. Filters: Period (Last 30 days, quarter, year or all time). ## How it will be measured - Trading fees are summed per UTC day from HyperCore fills, using each fill's fee and fee token; maker rebates are subtracted for net fees, and builder fees are kept as their own line. - Buybacks are the Assistance Fund's fills on the HYPE/USDC spot book: the HYPE bought and the USDC spent each day, from fills where the system address is the buyer. - The Assistance Fund's HYPE and USDC balances are read with spotClearinghouseState at daily snapshots, so cumulative buybacks can be checked against what the address holds. - HLP vault equity and profit and loss come from the vault's vaultDetails history, kept apart from protocol revenue because they belong to the vault's depositors. - Fees charged in tokens other than USDC are valued at their HyperCore spot price at the same block; USDC is taken at par. ## Data it needs - `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day. - `protocol_revenue_daily` (to build): Fees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks. - Source: HyperCore per-block fills with fee, fee token and builder fee fields, summed per day - Source: Assistance Fund system address fills on the HYPE/USDC spot book: HYPE bought and USDC spent - Source: spotClearinghouseState of the Assistance Fund address at daily snapshots for HYPE and USDC balances - Source: vaultDetails of the HLP vault for its equity and profit and loss history - Source: tokenDetails for HYPE circulating and total supply ## Questions ### How does Hyperliquid make money? From trading fees on its perpetual and spot order books. Takers pay a fee and makers may earn a rebate, and most of the protocol's share goes to the Assistance Fund. Builder fees, which front ends add on top of their users' orders, go to those builders instead. ### What is the Hyperliquid Assistance Fund? A system account on HyperCore that receives trading fees and turns them into HYPE by buying on the spot order book. Its address has no private key, so the HYPE it holds cannot be moved without a change to the protocol itself. ### Is the HYPE bought back burned? The HYPE stays at the Assistance Fund's address, where no key can move it. Validators have voted on whether to treat that balance as burned in supply figures, so the dashboard shows the balance itself and lets readers apply either definition. ### What is HLP? The Hyperliquidity Provider is a community vault that makes markets and takes over liquidated positions on Hyperliquid. Its depositors share its profit and loss, which is why the dashboard shows HLP returns apart from protocol revenue. ### How is Hyperliquid's annual revenue calculated? The dashboard sums daily net fees over the trailing 365 days and over each calendar year, from fills. It never scales a single day or month up to a year. ## Glossary - **Assistance Fund**: Hyperliquid's system account that receives trading fees and buys HYPE with them on the spot order book. - **HLP**: The Hyperliquidity Provider, a community vault that makes markets and absorbs liquidations on Hyperliquid. - **Builder fee**: An extra fee a front end adds to its users' orders on Hyperliquid, paid to that front end rather than to the protocol. - **HyperCore**: Hyperliquid's native trading layer, where its order books, margin accounts and spot balances live. ## Related apps - [Crypto Token Buybacks Ranked by Amount Spent](https://voltfincrypto.com/apps/crypto-token-buybacks-ranking) - [Token Buyback Report: Monthly Spend by Protocol](https://voltfincrypto.com/apps/token-buyback-report-monthly) - [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding) - [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share) - [Hyperliquid HIP-3 Markets: Equity and RWA Perps](https://voltfincrypto.com/apps/hyperliquid-hip3-markets) - [DeFi Protocol Revenue and Fees Ranking](https://voltfincrypto.com/apps/defi-protocol-revenue-ranking) Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F