HYPE: Hyperliquid Perpetual Fees (Estimate) vs Buybacks

Hyperliquid Perpetual Fees (Estimate) vs Buybacks: daily data through 8 Nov 2026.

Two lines over the 24 hours to each reading: the fees Hyperliquid's main perpetual markets would bring in at its base fee rates, an estimate, and what the Assistance Fund actually spent buying back HYPE.

Why use it. Hyperliquid turns its trading fees into HYPE buybacks, the core of the token's value case: the estimate shows what the trading could bring in, the buybacks what did. How to read it. The estimate is an upper bound: large traders pay lower rates on higher fee tiers, makers on the top tiers earn rebates, and staking and referral discounts apply, so actual fees sit below it. Buybacks also include spot and builder-deployed market fees, which the estimate leaves out. A buyback line that rises against the estimate means more of each dollar traded is reaching the buybacks. The summary value is the estimate.

Calculation. Estimate: the trailing 24-hour volume of Hyperliquid's main perpetual markets at the period's last five-minute snapshot x 0.06% (Hyperliquid's base perpetual rates, 0.045% taker plus 0.015% maker: every trade has one of each). Exact fees would need every fill on Hyperliquid's chain, which we do not read, so this is labelled an estimate. Buybacks: the Assistance Fund's HYPE purchases in US dollars over the 24 hours to the same snapshot, from our own record of its fills (the Buyback Spend chart); shown once 24 hours of that record exist. A period's value is its last five-minute snapshot; the open period shows the latest as a labelled partial. History: the estimate from 20 October 2026, the buybacks from 30 October 2026; no earlier values are reconstructed. Source: our own five-minute snapshots of every listed perpetual on Hyperliquid's main market, from its public info API, collected by CryptoKeyhole.