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

55.59

OTS

476.9M HYPE

$26.51B

OFFICIAL CIRCULATING

298.7M HYPE

$16.60B

TOTAL STAKED

436,290,198 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

28,419 HYPE

24H SPENT

$1.6M

24H AVG PRICE

55.39

FUND BALANCE

46,084,044 HYPE

of genesis supply 4.6%

TIME	PAIR	AVG PRICE	SIZE (HYPE)	NOTIONAL	FILLS
35m ago	HYPE/USDC	55.36	181	$10.0K	1
36m ago	HYPE/USDC	55.43	180	$10.0K	6
1h ago	HYPE/USDC	55.36	181	$10.0K	2
1h ago	HYPE/USDC	55.36	181	$10.0K	4
1h ago	HYPE/USDC	55.34	169	$9.3K	4

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 5.1 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

436,290,198 HYPE

91.5% of OTS

STAKED W/ FOUNDATION VALIDATORS

213,112,146 HYPE

STAKED W/ COMMUNITY VALIDATORS

223,178,053 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

≥ 2,930,261 HYPE

10/11 balances verified

ACTIVE HIP-3 DEPLOYERS

2,391,907 HYPE known

WINDING DOWN / PARKED

34,911 HYPE known

AQA DEPLOYERS

503,443 HYPE · 2/3 verified

ENTITY	DEXS	LIVE MKTS	STAKED	UNSTAKING	STATUS	ADDRESS
XYZHIP-3	xyz	88	768,062	—	MET	0x8880...0888 ↗
Markets by KinetiqHIP-3	km, mkts	2	613,168	5,080	MET	0x71f0...29ec ↗
HyENAHIP-3	hyna	18	507,418	—	MET	0x53e6...0637 ↗
CoinbaseAQA	USDC treasury SOURCE ↗	—	503,443	—	MET	0x4e53...96f8 ↗
ParagonHIP-3	para	11	503,259	—	MET	0x8888...6ed3 ↗
VentualsHIP-3	vntl	0	33,910	1,655	UNWINDING	0x8888...beda ↗
ABCDExHIP-3	abcd	0	1,001	500,965	UNWINDING	0x372c...857c ↗
dreamcashHIP-3	cash	0	<1	—	UNWINDING	0xffa8...eef7 ↗
Felix ExchangeHIP-3	flx	0	<1	—	UNWINDING	0x2fab...6352 ↗
Coinbase (secondary)AQA	AQAv2 activation SOURCE ↗	—	0	—	NOT STAKED	0xc206...3c00 ↗
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. 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

$1.39B

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	$1.11B	4.19%	2026-04-29STALE	SOURCE ↗
Bitwise Hyperliquid ETFETF	BHYP NYSE	2,037,656	$113.3M	0.43%	2026-07-01	SOURCE ↗
Hyperion DeFiDAT	HYPD NASDAQ	1,930,000	$107.3M	0.40%	2026-03-23STALE	SOURCE ↗
21Shares Hyperliquid ETFETF	THYP NASDAQ	1,087,845	$60.5M	0.23%	2026-06-30	SOURCE ↗

Holdings are self-reported via public disclosures and updated manually. The oldest included disclosure is 2026-03-23 (127 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

55.59

OTS

476.9M HYPE

$26.51B

OFFICIAL CIRCULATING

298.7M HYPE

$16.60B

GENESIS FDV vs OTS MCAP

$55.59B / $26.51B

CATEGORY	TOKENS	% OF OTS	VALUE
Genesis Supply	1,000,000,000	—	$55.59B
Less: Fee Burns (HyperCore)¹	(923,391)	—	($51.3M)
Less: Future Emissions & Community Rewards	(412,849,141)	—	($22.95B)
Less: Foundation & Grants ReservesEST²	(63,253,942)	—	($3.52B)
Less: Assistance Fund (Buyback)³	(46,084,044)	—	($2.56B)
Outstanding Supply (OTS)	476,889,483	100.0%	$26.51B
— of which Core Contributors (vesting)	241,439,629	50.6%	$13.42B
— of which Circulating	235,449,854	49.4%	$13.09B

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 — 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.