HYPE Tokenomics — Outstanding Supply, Buybacks & Staking | Hyperhub

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Supply Waterfall

HYPE PRICE

70.19

OTS

476.8M HYPE

$33.46B

OFFICIAL CIRCULATING

298.4M HYPE

$20.94B

GENESIS FDV vs OTS MCAP

$70.19B / $33.46B

CATEGORY	TOKENS	% OF OTS	VALUE
Genesis Supply	1,000,000,000	—	$70.19B
Less: Fee Burns (HyperCore)¹	(869,465)	—	($61.0M)
Less: Future Emissions & Community Rewards	(413,433,455)	—	($29.02B)
Less: Foundation & Grants ReservesEST²	(63,253,942)	—	($4.44B)
Less: Assistance Fund (Buyback)³	(45,689,191)	—	($3.21B)
Outstanding Supply (OTS)	476,753,947	100.0%	$33.46B
— of which Core Contributors (vesting)	241,589,070	50.7%	$16.96B
— of which Circulating	235,164,877	49.3%	$16.51B

1. HyperCore burns only; HyperEVM gas burns (~0.3M HYPE) not yet included.

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, refreshed every 60s.

02 /

Assistance Fund Buybacks

VIEW ADDRESS

24H BOUGHT

24,000 HYPE

24H SPENT

$1.7M

24H AVG PRICE

70.55

FUND BALANCE

45,689,191 HYPE

of genesis supply 4.6%

TIME	PAIR	AVG PRICE	SIZE (HYPE)	NOTIONAL	FILLS
7m ago	HYPE/USDC	70.25	142	$10.0K	2
24m ago	HYPE/USDC	70.29	142	$10.0K	2
25m ago	HYPE/USDC	70.28	0	$33.03	1
25m ago	HYPE/USDC	70.28	5	$351.42	1
26m ago	HYPE/USDC	70.32	1	$52.74	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: last 2,000 fills (~4 days). 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

438,317,458 HYPE

91.9% of OTS

STAKED W/ FOUNDATION VALIDATORS

212,902,443 HYPE

STAKED W/ COMMUNITY VALIDATORS

225,415,015 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

3,948,022 HYPE

11 entities

ACTIVE HIP-3 DEPLOYERS

4

2,397,445 HYPE

WINDING DOWN / PARKED

4

1,047,762 HYPE

AQA DEPLOYERS

3

502,815 HYPE

ENTITY	DEXS	LIVE MKTS	STAKED	UNSTAKING	STATUS	ADDRESS
XYZHIP-3	xyz	85	767,073	—	MET	0x8880...0888 ↗
Markets by KinetiqHIP-3	km, mkts	2	620,976	3,449	MET	0x71f0...29ec ↗
HyENAHIP-3	hyna	21	506,765	—	MET	0x53e6...0637 ↗
dreamcashHIP-3	cash	0	505,230	—	PARKED	0xffa8...eef7 ↗
CoinbaseAQA	USDC treasury	—	502,815	—	MET	0x4e53...96f8 ↗
ParagonHIP-3	para	4	502,631	—	MET	0x8888...6ed3 ↗
ABCDExHIP-3	abcd	0	501,455	—	PARKED	0x372c...857c ↗
VentualsHIP-3	vntl	0	41,078	6,637	UNWINDING	0x8888...beda ↗
Felix ExchangeHIP-3	flx	0	<1	—	UNWINDING	0x2fab...6352 ↗
Coinbase (secondary)AQA	AQAv2 activation	—	0	—	NOT STAKED	0xc206...3c00 ↗
CircleAQA	Technical deployer	—	—	—	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. Circle's AQAv2 staking address has not been published; its committed stake is listed 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

25,055,502 HYPE

5.3% of OTS

VALUE AT CURRENT PRICE

$1.76B

DAT COMPANIES

21,930,000 HYPE

2 companies

ETF / ETP

3,125,502 HYPE

2 funds

ENTITY	TICKER	HYPE HELD	VALUE	% OF OTS	AS OF	SOURCE
Hyperliquid StrategiesDAT	PURR NASDAQ	20,000,000	$1.40B	4.20%	2026-04-29	SOURCE ↗
Bitwise Hyperliquid ETFETF	BHYP NYSE	2,037,656	$143.0M	0.43%	2026-07-01	SOURCE ↗
Hyperion DeFiDAT	HYPD NASDAQ	1,930,000	$135.5M	0.40%	2026-03-23	SOURCE ↗
21Shares Hyperliquid ETFETF	THYP NASDAQ	1,087,845	$76.4M	0.23%	2026-06-30	SOURCE ↗

Holdings are self-reported via public disclosures and updated manually; figures lag reality by days to weeks. Value uses the live HYPE price against the last disclosed token count. Not exhaustive.

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Methodology

Why 1B is a ceiling, not a denominator

The 1B genesis supply is the outer ceiling of the asset, closer to authorized share capital than shares that actually exist in the market. It includes incentive and reserve pools that have not yet become transferable claims, so valuing HYPE on the full 1B treats every authorized token as already economically live.

What gets deducted

OTS deducts supply that is not an existing market claim, including future emissions, foundation reserves, and grants reserves. It also deducts supply that is permanently gone or treated as retired: HyperCore fee burns, plus Assistance Fund buybacks after the December 2025 validator vote.

The Assistance Fund balance has not been literally burned. It sits at a keyless system address, so the page treats it as retired for supply analysis while still showing the live balance and buyback flow above.

What OTS means

Outstanding Token Supply is a conservative working denominator, similar to fully diluted shares outstanding. Core Contributor tokens are locked, but their vesting is public and fixed, so they stay inside OTS rather than being deducted.

What stays in

Locked is not the same as deducted. Staking and HIP-3 deployer stake are reversible locks: they affect float, not supply. Section 03 and 04 track those locks live so the supply denominator and tradable float stay separate.

Framework adapted from Hyperliquid Strategies' Outstanding Token Supply methodology. Further reading: hypeburn.fun, hypurrscan.io, Hyperliquid docs on burns.