Hyperliquid Revenue Beats Ethereum as HYPE Shows Strength

TLDR: Hyperliquid recorded over $5.5 million in daily fees, surpassing Ethereum and Tron in revenue generation. More than 2.32 million HYPE tokens were removed from supply through buybacks over the past 30 days. HIP-3 trading volume reached $5.21 billion daily, signaling rapid adoption of on-chain derivatives products. Hyperliquid’s perpetual DEX market share crossed 30% after five consecutive weeks of sustained growth. Bitcoin and most major cryptocurrencies have faced sharp price swings over recent weeks. During the same period, Hyperliquid’s native token HYPE showed limited downside movement. Trading data also points to growing activity on the protocol’s perpetual exchange. These shifts place Hyperliquid among the most closely watched on-chain derivatives platforms. HYPE Shows Relative Price Strength Amid Crypto Volatility Bitcoin moved from $90,000 to $60,000 before recovering toward $70,000. Over that period, HYPE remained near the $32 level, according to data shared by Wise Advice on X. While most of crypto is focused on price…$HYPE is quietly taking market share and the numbers are getting insane. Let’s dip a little deeper pic.twitter.com/ZIfnqRsiFj — Wise Advice (@wiseadvicesumit) February 7, 2026 Since the recent market bottom, HYPE has gained about 60%. Meanwhile, open interest declined from $8.4 billion to $5.39 billion. This combination shows price appreciation alongside falling leverage. Market data providers describe such patterns as a sign of spot-driven demand rather than speculative excess. At the time of publication, CoinGecko data showed HYPE trading at $31.45 with a 24-hour volume of about $408 million. The token was down 5.25% daily and 2.48% weekly. Hyperliquid’s revenue metrics have also moved higher. The protocol generated roughly $5.5 million in fees over the past 24 hours, exceeding Ethereum and Tron during the same window. Buyback activity followed revenue growth. Platform data shows $5.25 million in buybacks in 24 hours, $25.9 million ...