What is Hyperliquid?
HYPEHyperliquid is a blockchain built around an on-chain order-book exchange for perpetual futures and spot trading.
The tokenHYPE is staked to secure the chain, pays fees, and the protocol uses trading fees to buy HYPE back through its Assistance Fund.
Supply and what is still to come
How many coins exist, how many can, who holds the part not yet circulating and what the schedule releases.
- Circulating supply
- 301.8 million HYPE
- Total supply
- Not publishedin existence, locked or not
- Maximum supply
- 1.000 billion HYPEHyperliquid's token details state a maximum supply of 1 billion HYPE
- Issued or unlocked
- 30.2%circulating, of the maximum supply
A year in the market
Measured on the daily closes of our own US dollar price index.
- Return, past year
- +85.5%daily closes
- Volatility, past year
- 89%annualised, daily log returns
- Deepest fall from a peak, past year
- −49.8%daily closes
- Below its all-time high
- −23.0%high of $97.23 on 22 Sep 2026
- Correlation with bitcoin
- 0.47daily returns, past year; 1 is lockstep
- Beta to bitcoin
- 0.94its usual move for a 1% move in bitcoin
Points to check
What our data shows that a holder should know. Each point is a measurement, not a rating.
- Supply still to come
231% more than today's circulating supply can still enter circulation (698.2 million HYPE), so the fully diluted value is 3.31x the market cap.
- Supply we cannot count
We do not run a Hyperliquid node: the supply is the project's or network's published figure, read every hour and labelled as such.
- Price swings
Its daily moves were 2.0x as large as bitcoin's over the past year (volatility 89% against 44%).
Questions
What is Hyperliquid?
Hyperliquid is a blockchain built around an on-chain order-book exchange for perpetual futures and spot trading.
What is HYPE used for?
HYPE is staked to secure the chain, pays fees, and the protocol uses trading fees to buy HYPE back through its Assistance Fund.
Is Hyperliquid's supply capped?
Yes: at most 1.000 billion HYPE. 30.2% are issued or unlocked so far.
Where is Hyperliquid traded?
On 11 of the 11 exchanges we read: 10 list spot pairs against the dollar or a dollar stablecoin and 11 list perpetual futures. The token finder lists every pair.
Supply from our own nodes or the project’s published figures, prices from our own indexes, listings from the exchanges’ own instrument lists. Last update