Hyperliquid exceeded $1 billion in cumulative protocol revenue on June 30, with an annualized run rate approaching $840 million. The key point is where this money goes: nearly 97-99% of all protocol fees are directed back into the buyback of $HYPE tokens, making revenue growth directly equivalent to buying pressure on the token. The platform has already burned over 41 million tokens $HYPE worth over $1 billion, reducing the circulating supply by approximately 4.2%. This revenue base is built on real scale. In the first quarter of 2026 alone, Hyperliquid generated $492.7 billion in trading volume, placing it just below Coinbase in the ranking by volume. It manages approximately 60% of all global blockchain derivatives open interest and processes about 200,000 orders per second.