The Hyperliquid (HYPE) token price has entered a correction phase, but the protocol's actual revenue-generating ability is emerging as a key evaluation standard in the cryptocurrency market. The analysis that cash flow from trading fees and on-chain activity, rather than simple price appreciation, determines a project's competitiveness is gaining traction.

$149 Million in Revenue Despite Price Decline

CoinMarketCap community analyst 'The Crypto Fortress' stated on the 3rd that Hyperliquid recorded $149 million in on-chain revenue despite a 14.7% drop in the HYPE price, evaluating that the protocol is maintaining strong revenue generation.

However, caution is warranted, as these figures may vary depending on the aggregation period and the definition of 'revenue.' According to DefiLlama data, Hyperliquid's cumulative total protocol revenue for the third quarter of 2026 is currently tallied at approximately $130.78 million, while the second quarter recorded $218.3 million.

$1.3 Billion in Buybacks... Token Repurchase System Also Behind the Positive Assessment

Hyperliquid's token repurchase system also plays a role in the market's favorable evaluation of its revenue structure. The Financial Times (FT) recently reported that Hyperliquid and Pump.fun are leading this year's token buybacks among cryptocurrency projects. In particular, Hyperliquid operates a structure that allocates a significant portion of trading fee revenue to HYPE purchases, with the amount of HYPE bought back and burned since launch reaching $1.3 billion.

Hyperliquid's business expansion is also confirmed in filings with the U.S. Securities and Exchange Commission (SEC). As of July 15, 2026, Hyperliquid accounted for approximately 40.7% of global 24-hour on-chain perpetual futures trading volume and approximately 57.7% of open interest. Cumulative perpetual futures trading volume has surpassed $4.3 trillion, and total protocol revenue for 2025 was tallied at approximately $962 million.

The Crypto Fortress also claimed that Pump.fun's related metrics more than doubled to reach $114 million, while Flap showed a growth rate of 848%. However, as the same aggregation standards and periods for these two figures could not be independently verified in this confirmation process, it is appropriate to view them as the analyst's own assessment.

The Competitive Standard Shifts from 'Hype' to 'Profitability'

The key point is that the competitive standard in the DeFi market is changing rapidly. While token prices, trading volume, and market hype once determined project evaluations, actual fees paid by users, protocol revenue, and structures that return value to token holders have recently become more important.

Hyperliquid is expanding its domain beyond perpetual futures into real-world asset (RWA)-related markets. According to related disclosures, HIP-3 open interest surpassed $4 billion for the first time in August 2026, and as of August 23, total open interest stood at approximately $13 billion, an all-time high.

Ultimately, separate from HYPE's short-term price correction, the point the market must verify is whether Hyperliquid's trading volume and fee revenue can be sustained. As even meme coin infrastructure such as Pump.fun generates high profitability, competition in the DeFi market is likely to intensify around 'how much is actually earned' rather than 'how much buzz is generated.'

[※ This article was written for the purpose of providing information about the cryptocurrency market and does not recommend buying or selling specific virtual assets or guarantee investment returns. Price forecasts, support and resistance levels, and target prices mentioned in the article are scenarios based on market participants' technical analysis and may unfold differently from actual price movements. Cryptocurrencies are high-risk assets with extreme price volatility, and part or all of the invested principal may be lost. Investment decisions and their responsibilities rest with the investor, so please fully review market conditions and related information before investing. This article was written with AI assistance.]