Hyperliquid’s HYPE token traded around $76 to $77 on Oct. 25, 2026, roughly 22% below its Sept. 23 peak near $98. The exchange still held an estimated 55% to 57% of tracked decentralized perpetual futures open interest, with about $11 billion in open interest, according to Coinglass data.
Hyperliquid’s share of real-world asset perpetual futures volume reportedly fell from about 80% in July to 26% in recent measurements. Castle Labs said cumulative protocol revenue exceeded $1.4 billion and that roughly 97% to 99% of eligible net fees had historically supported HYPE purchases. Those purchases depend on trading activity, while some token-unlock schedules indicate monthly releases approaching 9 million to 10 million HYPE; actual distributions and amounts immediately available to trade may differ.
