Hyperliquid Protocol Revenue Surpasses $1 Billion in June

Hyperliquid's perpetual futures protocol generated cumulative revenue of over $1 billion by June 30, according to on‑chain data. Around 99 % of transaction fees are redirected through the Assistance Fund, an automated buy‑back mechanism that purchases HYPE tokens on the open market, linking platform usage directly to token value.

On July 6 the protocol released 9.92 million HYPE (≈ $645 million at current prices) that was matched by a buy‑back fund holding roughly four‑times that amount, providing strong price support. Institutional exposure grew as two U.S. spot‑ETF providers, Bitwise (BHYP) and 21Shares (THYP), launched the first regulated HYPE‑linked products in May, attracting net inflows exceeding $170 million by early July. Grayscale has filed an S‑1 with the SEC for a competing product.

Regulatory attention increased: Singapore’s Monetary Authority added Hyperliquid to its Investor Warning List, echoing earlier UK regulator cautions, while senior executives at CME and ICE urged the U.S. CFTC to examine Hyperliquid's commodity perpetual contracts. Following the lobbying effort the HYPE token fell about 6 %.