Hyperliquid Income Statement

Total Revenue

The total value the network generates from operations, presented gross — every protocol fee stream — before Operator Payments are deducted.

• HyperCore Revenue: HyperCore is Hyperliquid's onchain order-book exchange. Its revenue comprises several streams:
  • Perps Revenue: Protocol trading fees from perpetual futures, split into Native Perp (first-party markets) and HIP-3 Perp (permissionless, builder-deployed perp markets).
  • Spot Revenue: Protocol trading fees from spot markets, plus HYPE Spot Burn — the deployer-declined share of HYPE-pair spot fees, burned onchain rather than paid out (direct HYPE supply destruction; excluded from the Assistance Fund / HLP split).
  • Outcome Revenue: Protocol fees from outcome (prediction) markets.
  • Deploy Auctions: Proceeds from the Dutch auctions that allocate the right to deploy new markets, split by what each auction bought: HIP-3 (the right to list a HIP-3 perp market) and Spot (a spot token or pair deploy).
  • HyperCore Gas: Gas fees for HyperCore actions, split into a Priority Write leg and a Priority Read leg; not subject to the Assistance Fund / HLP split.
• HyperEVM Gas: In-protocol transaction fees for generalized blockspace (Hyperliquid has no out-of-protocol tips), of two types:
  • Base Fee: The minimum fee for inclusion in a block, dependent on network congestion.
  • Priority Fee: An additional fee paid to prioritize a transaction within a block.
• AQA Reserve Yield: The fee a stablecoin issuer pays Hyperliquid, out of the yield on its reserves, for the stablecoin's status as an Aligned Quote Asset, by version: AQAv2 Reserve Yield, from USDC's issuer since 2026-08-26, and AQAv1 Reserve Yield, from Native Markets on USDH (earned 2025-09-15 to 2026-05-13). It goes 100% to the Assistance Fund and is not subject to the HLP split.

Builder and Deployer fees that are paid out to third parties are pass-throughs and are not booked as revenue (the HIP-3 deployer estimate is removed from measured protocol before 2026-03-22). The deployer-declined spot-fee share on HYPE pairs is burned, not paid out, and is booked as revenue under Spot Revenue. Total Revenue also excludes Token Issuance.

Operator Payments

Payments that do not accrue to token holders, deducted from Total Revenue. Two components:

• Validator Commission on Issuance: Validators are compensated via commission (0–4%) on token issuance. This issuance is not inflation — no new tokens are minted; rewards are drawn from a bucket of already-created but not-yet-issued tokens (the genesis Future Emissions and Community Rewards reserve) as they move into circulation. Nor is issuance a cost in its entirety — the portion that flows to stakers is a value transfer from non-stakers to stakers; only the commission distributed to operators is a cost to the aggregate of token holders.
• HLP Distribution: The HLP vault's share of gross HyperCore protocol trading fees — 3% before 2025-08-26 and 1% thereafter — is a liquidity-provider incentive that does not accrue to token holders, so it is treated as an operator payment. The complementary Assistance Fund share (97% → 99%) accrues to token holders and stays in Net Income. HYPE Spot Burn and AQA Reserve Yield are excluded from this base.

Token Holder Net Income

Token Holder Net Income = Total Revenue − Operator Payments. It measures the value that accrues to token holders after removing payments to operators (validator commission on issuance and the HLP vault distribution).

Data Coverage

Fee data begins 2025-02-18: protocol trading fees from 2025-05-26 (the first full day), deploy auctions from 2025-09-27 and HyperCore gas from 2026-04-13. Assistance Fund buybacks are tracked from 2025-03-22 (first full day 2025-03-23). The current day is excluded.