Hyperliquid has permanently removed 49.87 million HYPE tokens from circulation, nearly 5% of its maximum supply of one billion units, valued at $3.89 billion at the current market rate. The automatic mechanism converts platform fees into continuous HYPE buybacks on the open market through the Assistance Fund, whose balance was officially recognized as burned in December 2025 by 85% of the network’s validators. Over the past 24 hours, 19,700 HYPE worth about $1.59 million were burned against daily protocol fees of $1.69 million, bringing lifetime revenue to $1.38 billion, including $63.52 million generated over the past 30 days. Monthly buybacks would absorb roughly 591,000 HYPE, but only offset about 6% of the 9.9 million HYPE unlocked each month for the team and early contributors, leaving circulating supply expanding despite the burns.
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