Hyperliquid tops crypto protocol revenue ranking with $429M in 2026
- —Revenue for the first 9 months of 2026 was about $429 million, first among crypto protocols
- —48.7 million HYPE burned — 4.9% of total token supply
- —Weekly revenue about $13.5 million, 30-day revenue roughly $64 million
- —Annual revenue could exceed $700 million at the current pace
Why it matters: Hyperliquid burns almost all revenue, reducing HYPE supply, but creates no reserves — leaving a limited buffer if volumes decline.
Source: Crypto Briefing