Hyperliquid tops $1.2 billion in cumulative fees, with more than 45 million HYPE removed from circulation

Decentralized perpetuals exchange Hyperliquid has generated more than $1.2 billion in cumulative fee revenue since its 2024 launch, according to a Techub News brief citing CryptoBriefing. Grayscale said the protocol directs most of those fees into an assistance fund that is used to buy back and burn HYPE, the platform’s native token. More than 45 million HYPE have already been taken out of circulation, equal to about 14.5% of the token’s initial supply. The report said this buyback-and-burn structure creates deflationary pressure and links token value to protocol revenue, drawing attention to Hyperliquid’s tokenomics design. The figures point to a model in which protocol income is directly tied to supply reduction, making the fee stream a central part of how HYPE is positioned in the market. The report did not provide additional operational details beyond the fee total, the share of supply removed, and Grayscale’s description of the mechanism.