Hyperliquid rides HIP-3 momentum to highest daily revenue haul since November

Hyperliquid posted its strongest daily revenue in a month, with DefiLIama data showing daily revenue spiking to $4.3 million, its highest level since November last year. The surges come as the protocol maintains roughly $4.58 billion in TVL and an annualized run rate near $786 million.

Perpetual contract (perp) fees, which have consistently accounted for the majority of Hyperliquid’s earnings, were the main driver of the latest revenue spike. Gross protocol income in January 2026 was $71.88 million, of which $63.86 million came from perp fees, $1.92 million from spot fees, and $5.65 million from builder code fees.

Incentives and strong trading push Hyperliquid revenue to $4.3M

DifiLiama data revealed that daily revenue reached $4.3 million, driven by ongoing incentive programs and liquidity provision. Strong trading activity and user engagement also contributed to revenue growth, with a cost of revenue of $7.4 million and a gross profit of $64.48 million.

The protocol’s annualized earnings are currently $685.47 million. Daily trading is still strong with $HYPE 24-hour volume reaching $701.76 million, and $4.22 billion in DEX volume over 30 days.

Currently, the $HYPE token is trading at $29.69%, up 0.8% in the last 24 hours. That is an increase of 18.2% from last month and a 10% increase year-to-date. However, the token is down 48% from its all-time high of $59.30 in September of last year.

Building on this momentum, on January 26, 2026, Hyperliquid’s decentralized derivatives ecosystem attained a significant milestone when open interest on its HIP-3 perpetual futures markets reached a record $793.27 million. This resulted from traders’ desire for more exposure to actual assets and commodities.

Hyperliquid announced the milestone on the social media platform X, noting that open interest in its HIP-3 structure has grown amid the ongoing boom in commodities trading.

Factually, HIP-3, or Hyperliquid Improvement Proposal 3, is the name of the decentralized protocol upgrade that began in October 2025. By staking 500,000 HYPE tokens, the network’s native asset, developers and builders can create permissionless, everlasting futures markets on Hyperliquid’s blockchain.

Since the rollout of HIP-3, open interest on Hyperliquid has steadily increased, rising from below $200 million to the $700–800 million range. This is one of the biggest participation expansions in the platform’s history.

Following the recent surge in HIP-3, Hyperliquid CEO Jeff Yan stated that the platform has emerged as a prominent venue for long-term contracts on traditional assets.  He claimed that the open interest data show that traders are increasingly drawn to Hyperliquid.

According to CEO Jeff Yan, the significant rise in HYPE token value is indicative of increased trust in the platform’s liquidity advantages.

Major whale transactions impact Hyperliquid market activity

The surge in Hyperliquid and HIP-3 trading activities coincides with large HYPE holders’ recent staking and sell-off behavior.

On January 27, Lookonchain revealed that a major whale started distributing a long-held HYPE stake after more than a year of accumulation and staking. Data showed that the wallet initially purchased 295,917 HYPE at an average price of $8.74, totaling $2.58 million USDC, before staking the entire position for about 14 months. 

On Tuesday, the whale unstaked and sold the entire position for 7.51M $USDC, realizing a $4.92M profit. Lookonchain revealed that at the peak, its profit surpassed $15M.

In a separate report on January 29, on-chain data revealed that another notable, unidentified cryptocurrency investor, known as a “whale,” took out $14.87 million worth of HYPE tokens from the institutional crypto company Galaxy Digital.

Analytics platform Onchain Lens tracked the transaction. The analytics platform revealed that an anonymous blockchain address beginning with the identifier “0xd4d” was the source of the transaction. It went on to say that the whale transferred 445,000 HYPE tokens from a Galaxy Digital custody or service. 

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