$HYPE remains my biggest bag this cycle, not selling a cent into the recent local top.

– crossed $1.15B cumulative protocol revenue
– annualized run rate around $828M
– daily fees running $1-2M on a normal day
– 30d fees at $65.9M
– doing 22x GMX and ~189x dYdX on the same 30d basis
Break down where it's all coming from tho, cause people think it's just perp fees.
– native perp trading fees (the main engine, still the fat majority)
– HIP-3 permissionless markets, already ~10% of total protocol revenue
– HIP-4
– spot fees
– liquidation fees feeding the insurance side
– HLP trading and market-making revenue
– USDC collateral yield with Coinbase as the official treasury deployer
It's not one revenue stream propping up the whole thing, you've got 6 lines all growing at once.
Everyone knows 99% of that revenue gets routed straight into buying HYPE off the open market, nearly every day, sometimes multiple buys a day depending on volume.
So far, 46.8M+ HYPE has been burned, worth $3.2B, cutting circulating supply by ~4.6%.
Volume and revenue keep finding new legs because HIP-3 keeps adding new markets (silver, oil, equities perps even), and now HIP-4 adds another revenue line that didn't even exist a few months ago.
40% of daily active users already trade through third-party frontends, so builder code distribution is another revenue-adjacent lane.
Volume comes in, fees get charged, and HYPE gets burned every day.
$HYPE is the bet on perp fees + spot fees + auction demand + builder distribution + EVM gas burn + collateral yield + HIP-3/HIP-4 market expansion.
@HyperliquidX built a machine where every trade on the platform quietly becomes a buy order for its own token. It's been running without needing anyone's permission to keep going.