Hyperliquid Revenue and the HYPE Burn

The short version

Hyperliquid's official fee documentation states that trading fees are directed entirely to the community: HLP, the assistance fund, and asset deployers. The assistance fund converts its share of fees to HYPE automatically as part of L1 execution, and HYPE held at its system address is burned, permanently removed from circulating and total supply. This page reads that address live from the official API; the burned balance stood near 45 million HYPE at the June 2026 review. Fee and revenue dollar figures shown alongside it are third-party DeFiLlama estimates, labeled as such with their methodology linked.

Current status

As of the 2026-06-12 review, the official fee doc names the assistance fund system address, describes the automated fee-to-HYPE conversion, and states that assistance-fund HYPE is burned following a stake-weighted governance vote. The docs do not publish a percentage split between HLP and the assistance fund, so this page does not assert one. DeFiLlama figures are estimates produced by their open-source adapter and may be revised under their methodology.

How to read this page

1. 1Read the live burned-balance panel and note its timestamp; a stale or unavailable label means the official API read failed, and the number should not be quoted until it recovers.
2. 2Compare the 24-hour and 30-day fee and revenue estimates, then open the DeFiLlama methodology link so you know what each series includes and excludes.
3. 3Separate the three fee destinations: HLP receives a share, the assistance fund converts its share to HYPE, and deployers of spot and HIP-3 assets may keep up to half of the fees their own markets generate.
4. 4For supply math, use the burned HYPE total, since the official docs state assistance-fund HYPE is removed from circulating and total supply.
5. 5For your own trading costs, use the fee guide and the fee calculator; protocol revenue describes the venue's income, not your cost stack.

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

Say DeFiLlama shows about $2.4 million of fees over 24 hours and about $1.9 million of revenue. The gap between the two is what their methodology excludes from the protocol side, such as builder fees. None of those dollars map one-to-one onto the burned balance shown above, because the docs publish no official split and the conversion settles in HYPE, not dollars. The honest way to track the burn is the balance series itself: this site saves one capture of the fund's balance per day, and a chart appears once the saved history spans several days.

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.