Last updated: 2026-08-27Last reviewed: 2026-08-27

Author: HypeBasis Team

Editor: HypeBasis compliance review

Review cadence: monthly

Affiliate: Yes, disclosed near monetized actions

Jurisdiction sensitive: No

Does Hyperliquid buy back and burn HYPE?

Yes, through an automated fee-conversion mechanism rather than a discretionary treasury buyback. Hyperliquid's fee docs state that the Assistance Fund converts its share of trading fees to HYPE as part of L1 execution, and that HYPE held at the named system address is burned. This tracker reads that official balance and saved balance history first, then keeps DeFiLlama fee and revenue estimates in a separate third-party section.

Evidence for this answer

Hyperliquid Docs: Fees Hyperliquid Docs: Info endpoint

How much HYPE is recorded as burned?

The fee docs state that HYPE held at this address is burned and removed from circulating and total supply. The balance comes from the official info API, not an estimate.

Current

Burned HYPE: 48.68M HYPE
Estimated USD value: $4.05B
HYPE perp mid (USD): $83.1315

System address: 0xfefefefefefefefefefefefefefefefefefefefe

Fetched Nov 5, 2026, 8:04 AM UTC. The USD figure uses the live HYPE perp mid and is not an official valuation. Burned supply is not a statement about future prices.

How has the burned balance changed?

Inspect the official-API balance captures by date. HYPE quantity is the supply measure; the USD estimate is shown only for the selected capture because it changes with price.

Official API capture history

30 captured UTC days

Burn history view and range

Latest balance48.68M HYPE

Net period change+798.73K HYPE+1.67%

Avg net / day+28.11K HYPE

7-day pace+359.64K HYPEvs +123.96K HYPE previous 7 days+235.68K HYPE higherSeven complete daily capture intervals per period, through Nov 5, 2026.

Nov 5, 2026 · 48.68M HYPE+37.26K HYPE vs previous captureUSD at capture: $4.11B (price-sensitive estimate)

Oct 7, 2026Local balance scale 47.88M–48.68M HYPENov 5, 2026

Share image stays in HYPE units and includes the official-source and capture-method notes.

Third-party estimatesCurrent

How much revenue does Hyperliquid generate?

DeFiLlama estimates fees paid by traders and the subset it calls protocol-side revenue. These are not official Hyperliquid accounts and cannot be mapped one-to-one to HYPE burned.

Daily revenue estimate

$19.21M7-day total · latest $3.67M

Protocol economics series and range

Vs prior period+37.5%

Average / day$2.74M

Peak day$4.87MOct 29

November 4, 2026 · $3.67M+77.5% vs previous day

Oct 29Daily UTC bars · DeFiLlama estimateNov 4

Share image includes the source and third-party estimate label.

DeFiLlama fee and protocol revenue estimates by period
Series	24 hours	7 days	30 days	All time
Fees paid by traders	$4.92M	$25.02M	$87.59M	$1.73B
Protocol-side revenue	$3.67M	$19.21M	$68.08M	$1.39B

Checked Nov 5, 2026, 8:04 AM UTC. Fees count what traders paid; revenue is the subset DeFiLlama's methodology attributes to the protocol side after exclusions such as builder fees. Read the DeFiLlama methodology.

AQAv2 reserve-yield scenario

AQAv2 routes approximately 90% of cost-adjusted reserve yield on a deployer's Hyperliquid stablecoin supply to the protocol. This workbench separates that documented mechanism from the assumptions needed to estimate its scale.

Official mechanicsEditable scenario

Hyperliquid USDC base$BScenario default: Coinbase cited approximately $5B on May 14, 2026. This is not a live supply read.

Cost-adjusted reserve yield%

0%6%

Share to protocol%

The docs say approximately 90% of cost-adjusted reserve yield, not 90% of the USDC balance.

HYPE reference priceUSDInitialized from the official API read at Nov 5, 2026, 8:04 AM UTC. Editable for sensitivity testing.

Reserve income

$150M

3% on the scenario USDC base

Protocol-side share

$135M

90% of modeled reserve income

HYPE equivalent

1.62M HYPE

At the editable reference price, not an expected purchase amount

30-day accrual equivalent: $11.1M
Average daily equivalent: $369.86K

Treasury deployer

Coinbase

Official announcement

Technical deployer

Circle

Mint, redemption, transfers

Accrual and destination

30 days to Assistance Fund

Sent 8 days after interval, per AQAv2 specification

Scenario only. It does not claim a live total USDC balance, observed AQA payout, fixed reserve rate, or future HYPE purchase amount. Actual accrual uses daily balances and the onchain AQA reference rate described in the official specification.

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Use the burn and revenue data as research, then review eligibility, fees, and trading risk before acting.

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Current status

As of the August 27, 2026 review, the official fee doc names the Assistance Fund system address, describes the automated fee-to-HYPE conversion, and states that HYPE held there is burned following a stake-weighted governance vote. The separate AQAv2 specification says deployers share approximately 90% of cost-adjusted reserve yield on their Hyperliquid stablecoin supply with the protocol through 30-day accrual intervals. The docs still do not publish a percentage split between HLP and the Assistance Fund for trading fees, so this page does not assert one. DeFiLlama figures remain separately labeled third-party estimates that may be revised under its methodology.

How to read this page

1Start with the live official balance and its timestamp. If the API read is unavailable, the current total is withheld rather than replaced with a stale fallback.
2Use the saved HYPE balance series to inspect change across captured UTC days. It does not reveal intraday conversion timing or individual transactions.
3Treat DeFiLlama fees and revenue as third-party estimates with their own coverage rules, not official Hyperliquid accounting or a dollar-for-dollar burn total.
4Use the AQAv2 workbench as a sensitivity model. Its USDC base, reserve rate, protocol share, and HYPE price are visible assumptions rather than observed payout data.
5Use the fee guide and calculator for your own trading costs. Protocol revenue and the Assistance Fund balance answer different questions.

How the burn works mechanically

The conversion is part of L1 execution rather than a manual treasury operation: the assistance fund's share of each fee flow becomes HYPE without anyone scheduling a market operation. A stake-weighted governance vote in December 2025 then formally recognized HYPE at the fund's address as burned, so the running balance at that address reads as supply permanently removed from circulation. For example, if the fund's balance rises by 100,000 HYPE across a week, that is roughly a week of its fee share converted and retired, regardless of what price did over the same days.

Reading the numbers together

DeFiLlama's fee series represents what traders paid under its methodology, while its revenue series is the subset it attributes to the protocol side after stated exclusions such as builder fees. Neither dollar series maps one-to-one to the burned HYPE balance because the official docs publish no Assistance Fund percentage split and the conversion settles in HYPE. The balance series is the direct evidence for the burn-classified quantity.

Where this page fits

The fee guide covers what you pay per trade, including the volume tiers and staking discounts. The builder-codes guide covers the separate, user-approved fee that pays an app builder. The staking page covers HYPE delegation and validator economics. This page covers the destination side of the ledger: where paid fees end up and how much HYPE the assistance fund has retired.

Limits of these numbers

Burn totals describe supply mechanics, not future prices. This page does not convert burned supply into a price view, and a reader should not either.
DeFiLlama fee and revenue figures come from their open-source adapter, which defines each series under its own rules; their methodology page is the authority on what is included.
The official docs publish no HLP-versus-assistance-fund percentage split, so any precise split quoted elsewhere is a third-party estimate, including the one in DeFiLlama's adapter notes.
Fee distribution rules are controlled by Hyperliquid documentation and governance and may change; the review date above shows when these claims were last verified.
The USD value of the burned balance is an estimate from the live HYPE perp mid and moves with price even when the burned amount does not.
Revenue does not measure safety. A venue's fee income says nothing about liquidation, oracle, bridge, or smart-contract exposure.
The AQAv2 scenario is not an expected outcome. Actual reserve-yield accrual depends on daily stablecoin balances and the validator-published onchain reference rate.

Common questions

Does Hyperliquid buy back HYPE?: The documented mechanism is more direct than a discretionary buyback program. The assistance fund converts trading fees to HYPE automatically as part of L1 execution, and the official docs state HYPE held at the fund's address is burned. Many people call this a buyback; the docs describe automated conversion plus burn.
How much HYPE has been burned?: The Assistance Fund balance is publicly readable at its system address, and the live panel on this page shows the current total from the official API with a timestamp. The page does not preserve an old hard-coded balance as though it were current.
Where do Hyperliquid trading fees go?: The official fee documentation states fees are entirely directed to the community: HLP, the assistance fund, and deployers. Deployers of spot and HIP-3 assets may keep up to 50% of trading fees generated by their deployed assets.
What share of fees goes to the assistance fund?: The official docs do not publish a percentage split between HLP and the assistance fund. DeFiLlama's adapter estimates that most non-builder perp fees route to the assistance fund, but that figure is their methodology, so this page links it rather than quoting it as official.
What is the assistance fund address?: The official fee doc names the system address 0xfefefefefefefefefefefefefefefefefefefefe. Anyone may read its balances through the public info API, which is exactly how the live panel on this page works.
Is Hyperliquid revenue the same as fees?: No. In DeFiLlama's series, fees count what traders paid, while revenue is the subset their methodology attributes to the protocol side after exclusions such as builder fees. Their methodology page defines both series precisely.
Do builder fees go to the assistance fund?: No. A builder fee accrues to the app builder that routed the order, under caps the user approved. The builder-codes guide explains approvals, caps, and revocation.

HYPE valuation calculator

Hyperliquid fees

HYPE burn vs staking rewards

Builder codes

Risk notice

Crypto perpetuals and leveraged trading are high risk. You can lose money through liquidation, funding, slippage, oracle issues, protocol failures, and market volatility.

Sources

7 references · Expand

Hyperliquid Docs: FeesAccessed 2026-08-26
Supports: Rolling 14-day volume tiers, perps and spot fee schedules, HIP-3 deployer fee scale and growth mode, strict HYPE staking-tier thresholds and discounts, referral fee formula and limits, staking-account linking risks, fee-model caveats, fee distribution to HLP, the assistance fund, and deployers, the assistance fund system address, and burn recognition of assistance-fund HYPE.
Hyperliquid Docs: Aligned quote assetsAccessed 2026-08-27
Supports: AQAv2's approximate 90% share of cost-adjusted reserve yield, treasury and technical deployer obligations, 500,000 HYPE stakes, 9:1 balance arrangement, daily balance-rate calculation, 30-day accrual intervals, and Assistance Fund settlement timing.
Hyperliquid Docs: Info endpointAccessed 2026-09-04
Supports: Public info endpoint families used for market, book, candle, account, portfolio, native borrow/lend reserve, vaultDetails, userFees account-rate, and maxBuilderFee approval reads.
DeFiLlama: Hyperliquid fees and revenueAccessed 2026-08-26
Supports: Third-party daily, 7-day, 30-day, and cumulative fee and revenue estimates for Hyperliquid, with DeFiLlama's adapter methodology. Complete daily revenue observations support the HYPE valuation pace comparison.
DeFiLlama API: Protocols and YieldsAccessed 2026-05-11
Supports: Documented free DeFiLlama endpoints used for third-party TVL, yield, fee, and revenue context.
Coinbase: Aligning Hyperliquid markets to USDCAccessed 2026-08-27
Supports: Coinbase's announcement that it is the official USDC treasury deployer under the AQA framework and its May 14, 2026 statement that Hyperliquid held approximately $5 billion in USDC.
Circle: Expanding USDC support on HyperliquidAccessed 2026-08-27
Supports: Circle's announcement that it is the technical deployer for USDC as an aligned quote asset, responsible for mint, redemption, and cross-chain transfer infrastructure, with 500,000 HYPE staked.

Hyperliquid Assistance Fund, HYPE Burn & Revenue