Hyperliquid, a decentralized perpetual futures exchange operating on its own Layer-1 blockchain, generated approximately $429 million between January and September 2026, ranking first among all crypto projects by year-to-date revenue. This amount represents more than a third of the platform’s total historical earnings, estimated between $1.26 billion and $1.31 billion as of mid-September. Approximately 48.7 million HYPE tokens have been removed from circulation, representing 4.9% of total supply, through a buyback and burn mechanism funded by 99% of trading fees. With a weekly run rate of around $13.5 million, Hyperliquid is on track to exceed $700 million in annual revenue.
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