HYPE Tokenomics

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.

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

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 2.5 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.

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.

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.

Every HIP-3 deployer must keep 500,000 HYPE staked per deployer address for as long as its DEX is live, and every HIP-4 outcome venue posts its own 500,000 HYPE bond, locked for at least six months — 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 or venues have already wound down but whose stake has not fully exited.

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. HIP-4 venues are read live from Hyperliquid's outcome deployer list, and their live markets are the outcome markets they currently list; an address running both a HIP-3 DEX and a HIP-4 venue must hold both stakes (1,000,000 HYPE). 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 the reserve yield on all USDC held on Hyperliquid to the Assistance Fund. It went live on 3 October 2026 with a first payment of $14.58M covering September, and recurs monthly. Circle's staking address has not been published, so its balance shows as unverified.

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.

Holdings are self-reported via public disclosures and updated manually. The oldest included disclosure is 2026-03-23 (218 days old); records older than 60 days are marked stale. Value uses the live HYPE price against the last disclosed token count. Not exhaustive.