Hyperliquid generated $33.5 million in annualized revenue since April by introducing priority fees that charge traders for faster order execution. Over the same period, the protocol processed $196.3 billion in perpetual trading volume, producing $53.77 million in total fees and $37.46 million in protocol revenue. Institutional investors continue to fuel selling pressure: Multicoin Capital deposited 137,100 HYPE ($7.51 million) to Coinbase Prime and Bitwise transferred 22,463 HYPE ($1.23 million), totaling over $8.7 million moved. As a result, HYPE trades around $54.02, down approximately 18% over the past month and 30% below its June peak of $76.70. This divergence between solid fundamentals and declining price illustrates the tension between improving protocol revenue and increasing available supply on the market.
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