Hyperliquid, at a glance.

Full Waterfall, Total Economic Value to Operating Net Income (TTM)

Three tiers. Total economic value is every fee the protocol produces, plus the USDC reserve yield. Builder code and deployer fee shares are atomic splits under HIP-1 and HIP-3 — the protocol routes them to the builder or deployer at the moment of the fill, and they never reach Hyperliquid's books — so they are removed to reach Revenue. HLP's fee share is a different kind of item: it is paid out of money Hyperliquid did receive, so it sits below the revenue line as a cost of liquidity. Operating net income is the same number under either presentation.

† Share of Revenue, not of total economic value. The percentage column changes basis at the Revenue line: line items down through Revenue are a share of total economic value, while the HLP fee share and operating net income are a share of Revenue. Carrying one denominator through would understate the cost of liquidity against the revenue it is actually charged to.

‡ USDC reserve yield is not a fee: it is the interest Hyperliquid charges daily on the treasury's USDC, paid to the Assistance Fund for buybacks. It has no builder, deployer or HLP share. Each day's charge is exact, read from Hyperliquid's own on-chain record (aqav2InterestHistory), and accrues from Aug 27, 2026. It is not in supply impact below: the buybacks it funds are already counted under AF buybacks, and they lag the revenue, because the Assistance Fund buys only once each 30-day interval is paid, 8 days after it closes.

Source: hl.eco

Supply Impact (TTM): HYPE Removed vs Emitted

Revenue includes the AQAv2 USDC reserve yield from 2026-08-27: Hyperliquid’s own daily charge on the treasury address’s USDC (balance at 00:00 UTC × the validators’ median rate less 0.85 bp ÷ 365.25), paid to the Assistance Fund every 30 days. It carries no builder, deployer or HLP share. Three tiers. Total economic value reflects the full fee volume generated by the Hyperliquid network, including fees that are atomically split to builders and to HIP-3 / spot deployers at the protocol level and never reach Hyperliquid. Revenue reflects only the portion Hyperliquid recognizes, after removing those fee shares. Operating net income deducts HLP cost of liquidity, a direct cost of running the market-making program, from revenue (1% of core trading fees, 3% before the 2025-08-26 upgrade, applied per day). Priority fees, HyperEVM gas and auction fees carry no third-party split. Exact from Reservoir fills from 2025-07-28; DefiLlama-estimated before that. Staking emission is estimated at the current annual rate, pro-rated to the window and capped at one year.

Source: hl.eco