Hyperliquid – Record daily revenue of $6.84M, but HYPE hits the brakes

Hyperliquid has been on a tear lately, and this week’s market crash didn’t stop its momentum either. According to DeFiLlama, the perpetual DEX platform generated $6.84 million on 5 February – A record high since the October crash. 

The platform’s revenue engine sprang back to life in late January, thanks to the metals rally, with silver and gold jumping into the top five assets in terms of trading volumes. 

Hyperliquid’s RWA market boom

In fact, TradFi assets now account for over 30% of overall Hyperliquid trading volumes, further underscoring the growing appetite for retail exposure to commodities and U.S equities (real-world assets, RWA) via crypto rails. 

Silver, in particular, has been very volatile lately. However, based on trading volumes, it was ranked third after ETH and BTC in January. The platform handled $2.2 billion in volumes for silver contracts, with Blockworks noting that it rivaled even TradFi platforms on some execution metrics. 

Impact on HYPE and market dominance

And so, how does all this explosive traction benefit HYPE holders? For starters, most of the generated revenue goes to HYPE buyback as part of value accrual to token holders. 

On 05 February, $5.25 million of the generated $6.84 million was directed to the buyback program. According to ASXN data, 160.75k HYPE was bought back on that day, the highest daily buyback so far in 2026. 

Since the program began in late 2024, the Hyperliquid project has bought back 40.5 million HYPE that will be burned and removed from circulation. 

Typically, such deflationary moves are always bullish for the token, but the broader market lull caught up with the token’s price action. After rallying by nearly 84%, climbing from $20 to $38, HYPE cooled off below the 200-Day Simple Moving Average (SMA). 

Besides, the higher highs printed in February contrasted with the lower highs on the RSI (Relative Strength Index). This was a bearish divergence that suggested the cool-off may extend or a pullback may follow. 

Based on the chart, the $27-$38 area might be a likely price consolidation zone if such a scenario plays out. Especially if the broader market sentiment remains weak. 

That said, Hyperliquid’s RWA boom has lifted its perpetual markets share to a record high of 6.7% – A clear warning to CEX incumbents. 

Final Thoughts

• Hyperliquid generated a daily revenue of $6.84 million on 05 February – The highest since the October crash 
• The RWA boom fueled HYPE buybacks and the platform’s market dominance, but the altcoin may extend its cool-off after an 84% surge.