Hyperhub/HYPE/Tokenomics

HYPE / SUPPLY & TOKENOMICS

HYPE Tokenomics

HYPE's token economics in one place, live from Hyperliquid's own API — the fixed genesis allocation, Assistance Fund buybacks, staking and HIP-3 deployer locks, and institutional holdings, all distilled into a supply waterfall that walks the 1B genesis supply down to Outstanding Supply (OTS) and the free float that actually trades.

HYPE PRICE

73.57

OTS

477.0M HYPE

$35.09B

OFFICIAL CIRCULATING

298.9M HYPE

$21.99B

TOTAL STAKED

436,804,581 HYPE

01 /

Genesis Allocation

One billion HYPE was minted at genesis on November 29, 2024 and split across six fixed buckets. The split itself never changes — the Supply Waterfall at the bottom of this page tracks how burns, buybacks and emissions have reshaped it since.

ALLOCATION	SHARE	TOKENS
Future Emissions & Community Rewards	38.888%	388,880,000
Genesis Distribution (Airdrop)	31%	310,000,000
Core ContributorsLocked 1 year after genesis, then vesting	23.8%	238,000,000
Hyper Foundation Budget	6%	60,000,000
Community Grants	0.3%	3,000,000
HIP-2 (Hyperliquidity)Protocol-owned spot liquidity	0.012%	120,000

Fixed at genesis. Roughly 70% of supply is community-directed (airdrop, emissions, grants, HIP-2). Source: HYPE Genesis — Hyper Foundation

02 /

Assistance Fund Buybacks

VIEW ADDRESS

24H BOUGHT

45,588 HYPE

24H SPENT

$3.3M

24H AVG PRICE

72.47

FUND BALANCE

46,559,131 HYPE

of genesis supply 4.7%

TIME	PAIR	AVG PRICE	SIZE (HYPE)	NOTIONAL	FILLS
now	HYPE/USDC	73.57	136	$10.0K	4
now	HYPE/USDC	73.58	1	$103.01	1
now	HYPE/USDC	73.59	10	$735.87	1
6m ago	HYPE/USDC	73.44	136	$10.0K	3
6m ago	HYPE/USDC	73.43	0	$12.48	1

Buy-side spot fills of the Assistance Fund system address, aggregated by order. Quote assets are USD-pegged stablecoins; notional shown as USD. Window: latest 2,000 fills, covering approximately 27 hours. The fund's resting maker bids are placed natively by the protocol at block execution, paced by fee revenue — no signed order transactions exist, so block explorers only show counterparty trades; this table reads the resulting fills directly.

03 /

Network Staking

OTS deducts only what is permanently gone or not yet a committed claim. Locked HYPE stays in the denominator — but it does shrink the free float that can actually trade.

TOTAL STAKED

436,804,581 HYPE

43.7% of total supply

STAKED W/ FOUNDATION VALIDATORS

212,566,061 HYPE

STAKED W/ COMMUNITY VALIDATORS

224,238,520 HYPE

27 active validators

Staking carries a 7-day unstaking queue — a reversible lock, so it is not deducted from OTS. Staked HYPE exceeds official circulating supply: foundation and emission reserves stake too, which is exactly why “circulating” and “locked” are independent dimensions. Deployer-level stakes are broken out one by one in the next section.

04 /

Deployer & Institutional Stakes

DEXES

Every HIP-3 deployer must keep 500,000 HYPE staked per deployer address for as long as its DEX is live — and under AQAv2, quote-asset deployers like Coinbase and Circle post the same stake. These are protocol-enforced, entity-level locks. We query each address directly, including deployers whose DEXs have already wound down but whose stake has not fully exited.

TOTAL ENTITY STAKE

≥ 3,403,988 HYPE

10/11 balances verified

ACTIVE HIP-3 DEPLOYERS

2,885,251 HYPE known

WINDING DOWN / PARKED

14,574 HYPE known

AQA DEPLOYERS

504,164 HYPE · 1/2 verified

ENTITY	DEXS	LIVE MKTS	STAKED	UNSTAKING	STATUS	ADDRESS
XYZHIP-3	xyz	101	769,195	—	MET	0x8880...0888 ↗
Markets by KinetiqHIP-3	km, mkts	2	603,644	694	MET	0x71f0...29ec ↗
HyENAHIP-3	hyna	18	508,167	—	MET	0x53e6...0637 ↗
CoinbaseAQA	USDC treasury SOURCE ↗	—	504,164	—	MET	0x4e53...96f8 ↗
ParagonHIP-3	para	20	503,979	—	MET	0x8888...6ed3 ↗
EntropyIOHIP-3	io	2	500,265	—	MET	0x320c...cac6 ↗
VentualsHIP-3	vntl	0	13,571	1,583	UNWINDING	0x8888...beda ↗
ABCDExHIP-3	abcd	0	1,002	—	UNWINDING	0x372c...857c ↗
dreamcashHIP-3	cash	0	<1	—	UNWINDING	0xffa8...eef7 ↗
Felix ExchangeHIP-3	flx	0	<1	—	UNWINDING	0x2fab...6352 ↗
CircleAQA	Technical deployer SOURCE ↗	—	—	—	UNVERIFIED	—

Stake balances are read live from each deployer address (delegated + undelegated). The 500k requirement applies per deployer address, not per DEX — one address may operate several DEXs. Deployers of wound-down DEXs appear until their stake fully exits the 7-day unstaking queue. Coinbase and Circle each staked 500k HYPE to activate AQAv2, which redirects roughly 90% of USDC reserve yield to the Assistance Fund from 3 October 2026. Circle's staking address has not been published, so its balance shows as unverified.

05 /

Institutional Holders

A growing share of HYPE's float is being absorbed by listed vehicles — digital asset treasury (DAT) companies and spot ETFs. Unlike the on-chain figures above, these holdings are disclosure-based: reported in filings and fund pages, not readable live from the chain.

TOTAL DISCLOSED HOLDINGS

25,133,272 HYPE

2.5% of total supply

VALUE AT CURRENT PRICE

$1.85B

DAT COMPANIES

21,930,000 HYPE

2 companies

ETF / ETP

3,203,272 HYPE

3 funds

ENTITY	TICKER	HYPE HELD	VALUE	% OF SUPPLY	AS OF	SOURCE
Hyperliquid StrategiesDAT	PURR NASDAQ	20,000,000	$1.47B	2.00%	2026-04-29STALE	SOURCE ↗
Bitwise Hyperliquid ETFETF	BHYP NYSE	2,037,656	$149.9M	0.20%	2026-07-01	SOURCE ↗
Hyperion DeFiDAT	HYPD NASDAQ	1,930,000	$142.0M	0.19%	2026-03-23STALE	SOURCE ↗
21Shares Hyperliquid ETFETF	THYP NASDAQ	1,087,845	$80.0M	0.11%	2026-06-30	SOURCE ↗
Grayscale Hyperliquid Staking ETFETF	HYPG NASDAQ	77,770	$5.7M	0.01%	2026-06-03STALE	SOURCE ↗

Holdings are self-reported via public disclosures and updated manually. The oldest included disclosure is 2026-03-23 (151 days old); records older than 60 days are marked stale. Value uses the live HYPE price against the last disclosed token count. Not exhaustive.

06 /

Supply Waterfall

HYPE PRICE

73.57

OTS

477.0M HYPE

$35.09B

OFFICIAL CIRCULATING

298.9M HYPE

$21.99B

GENESIS FDV vs OTS MCAP

$73.57B / $35.09B

CATEGORY	TOKENS	% OF OTS	VALUE
Genesis Supply	1,000,000,000	—	$73.57B
Less: Fee Burns (HyperCore)¹	(989,800)	—	($72.8M)
Less: Future Emissions & Community Rewards	(412,230,932)	—	($30.33B)
Less: Foundation & Grants ReservesEST²	(63,253,942)	—	($4.65B)
Less: Assistance Fund (Buyback)³	(46,559,131)	—	($3.43B)
Outstanding Supply (OTS)	476,966,194	100.0%	$35.09B
— of which Core Contributors (vesting)	241,353,020	50.6%	$17.76B
— of which Circulating	235,613,174	49.4%	$17.34B

1. Protocol-level burns tracked by the network's own supply figure. HYPE leaves supply through seven fee lines — perp and HIP-3 trading fees (via Assistance Fund buybacks), spot fees, HyperEVM gas, listing and deploy auctions, and order and gossip priority fees — the last two live since 2026. HyperEVM gas burns are not yet broken out separately here.

2. Foundation & grants wallets remain inside Hyperliquid's official circulating figure; deducted here as a static estimate (as of 2026-07-05) pending address-level tracking.

3. Repurchased by the protocol's fee-funded buyback and held at a keyless system address; treated as retired following the December 2025 validator vote.

4. Methodology adapted from the Outstanding Token Supply framework published by Hyperliquid Strategies. Data: Hyperliquid API — prices refresh every 60s, supply counts every ~10 minutes.

07 /

Methodology

Why 1B is a ceiling, not a denominator

The 1B genesis supply is an upper bound, not a share count — much of it has never been issued. Valuing HYPE on the full 1B treats every authorized token as already live.

What gets deducted

OTS removes what is not yet a market claim (future emissions, foundation and grants reserves) and what is gone for good: fee burns, plus the Assistance Fund balance — held at a keyless system address and treated as retired since the December 2025 validator vote.

What OTS means

A conservative denominator, similar to fully diluted shares outstanding. Core Contributor tokens vest on a public, fixed schedule, so they stay in.

What stays in

Locked is not deducted. Staking and HIP-3 deployer stakes are reversible locks — they shrink tradable float, not supply — and are tracked live in sections 03–04.

Methodology adapted from Hyperliquid Strategies' Outstanding Token Supply methodology — read the full framework there. Further reading: hypeburn.fun, hypurrscan.io, Hyperliquid docs on burns.

Data from Hyperliquid public API. For reference only; not investment advice.