Hyperliquid has generated more than $1.4 billion in cumulative protocol revenue and spent over $1.26 billion on HYPE buybacks. Yet the token trades near $84.41 and open interest is falling. A separate testnet project, OpenETF, is testing tokenized funds on the network.
Hyperliquid has generated more than $1.4 billion in cumulative protocol revenue, while its native HYPE token retreats from recent highs. An October 8 Castle Labs report found the protocol spent over $1.26 billion on open-market HYPE repurchases.
The same report estimates that Hyperliquid controls more than 56% of the onchain perpetual futures market by open interest.
Wallets earn Builder Codes revenue
According to Castle Labs, approximately 95% of fees from activities including HyperCore trading, Builder Codes and HIP-3 markets go toward HYPE repurchases. However, the cumulative buyback total does not show how much buying demand the protocol generates at present.
Builder Codes let third-party applications route trades to Hyperliquid and collect additional fees. Castle Labs identifies two major beneficiaries: Phantom with more than $25 million in cumulative Builder Codes revenue, and MetaMask with more than $10.5 million. Builder fees are capped at 0.1% for perpetual futures, and users can revoke their approvals.
HYPE slips as open interest declines
Meanwhile, the token has pulled back. On the Coinbase daily chart, HYPE trades at approximately $84.41, down about 13% from its late-September peak near $97.
The 14-day Relative Strength Index stands at 44.82, against a moving average of 52.35. A reading below 50 means recent momentum favors sellers, but it remains above the conventional oversold threshold of 30.
Derivatives data points the same way. Aggregate HYPE open interest sits at approximately $2.4 billion, down 1.95% over 24 hours. Hyperliquid accounts for the largest share at $1.7B, followed by Binance at $335.3M and Bybit at $252.2M.
OpenETF tests tokenized funds
Separately, OpenETF launched a testnet on October 6, according to information from Binance. It lets managers create tokenized investment funds backed by portfolios traded on Hyperliquid.
Performance fees can range from 0% to 50%, with a 20% default. The initial design sets a minimum subscription of 100 USDC, although managers can establish a higher threshold.
OpenETF currently uses test assets without monetary value and warns against depositing real funds. The project has not announced a mainnet launch date.
Source: Crypto News Flash
Trading involves risk.
Risk Disclaimer
