Hyperliquid generated 153.8 million dollars in fees. This figure is slightly lower for the current quarter but remains higher compared to the same period last year. Nearly all of the revenue has been allocated to buying back the HYPE token.
The HYPE token has climbed 80 percent over the past 90 days, clearly outperforming Bitcoin, which recorded a 10 percent gain during the same timeframe. This surge has taken place amid ongoing geopolitical uncertainty in the broader market.
Despite this strong price performance, data indicates that the project’s fundamentals have weakened when compared to the token’s rising valuation.
Cooling Derivatives Momentum
In a recent report, crypto analyst Michael Nadeau explained that investors are increasingly paying more for each dollar of revenue. The token’s fully diluted price to sales ratio has reached 47.3, reflecting a 67 percent increase from the previous quarter and approaching record highs. This pattern is unusual, especially during periods when valuations typically decline.
Over the past 90 days, Hyperliquid’s perpetual decentralized exchange generated 153.8 million dollars in fees. This represents a 13 percent drop from the previous quarter but a 12.3 percent increase year over year. About 99 percent of these fees were used for HYPE buybacks.
Average daily trading volume reached 7.07 billion dollars, marking a 6 percent increase compared to the previous quarter. At the same time, open interest fell to 7.6 billion dollars, which is 51 percent below its peak and around 15 percent lower over the same period.
The protocol still leads the decentralized perpetual exchange market with a 72 percent share. However, it accounts for only about 5 percent of total trading volume when centralized platforms are included. In terms of capital movement, 3.36 billion dollars is currently bridged into Hyperliquid, representing a 44 percent decline from its peak. Additionally, 730 million dollars has exited the network over the past 90 days, including 500 million dollars withdrawn since early April.
Mixed Signals Across Activity Metrics
User activity presents a mixed picture. Active addresses averaged 46,000 per day, reflecting a 6.6 percent increase from the previous quarter. There has also been strong growth in HIP 3, a framework that enables third parties to launch their own perpetual decentralized exchanges.
HIP 3 volumes averaged 2.58 billion dollars per day, rising 973 percent compared to the previous quarter and making up 36 percent of total volume. In contrast, the HyperEVM ecosystem generated 1.84 million dollars in revenue during the same period, representing a 33 percent decline from the previous quarter, alongside a drop in active addresses.
Stablecoin supply on HyperEVM increased to 1.83 billion dollars, largely driven by USDC.
Regarding token dynamics, buybacks have exceeded issuance over the past 90 days, resulting in net deflation. Meanwhile, token unlocks for core contributors are set to continue through 2027. The report also highlights that the buyback yield has decreased to 2.55 percent on a fully diluted basis.
Overall, some segments of the ecosystem are expanding rapidly while others are slowing down. As a result, the token’s price has risen faster than the actual growth in usage and revenue, with different parts of the network progressing at uneven rates.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
