Hyperliquid Rides HIP-3 Momentum to Record Daily Revenue High Since November 2025

• How Did Hyperliquid Achieve Its Highest Daily Revenue Since November 2025?
• What Role Did HIP-3 Play in Hyperliquid’s Growth?
• How Are Whales Impacting HYPE’s Market Activity?
• What’s Next for Hyperliquid and HYPE?
• Hyperliquid FAQ: Your Questions Answered

Hyperliquid, the decentralized derivatives platform, has smashed its revenue records, hitting $4.3 million in daily earnings—its highest since November 2025. This surge is fueled by the HIP-3 upgrade, perpetual contract fees, and whale activity. With $4.58 billion in TVL and annualized revenues nearing $786 million, Hyperliquid is cementing its place as a leader in on-chain derivatives. Meanwhile, the HYPE token is up 18.2% monthly but remains 48% below its all-time high. Dive into the details below.

How Did Hyperliquid Achieve Its Highest Daily Revenue Since November 2025?

Hyperliquid’s daily revenue skyrocketed to $4.3 million, according to DefiLlama data, marking its best performance since November 2025. The platform’s perpetual contracts (perps) were the primary driver, contributing $63.86 million of its $71.88 million January 2026 protocol revenue. Spot fees ($1.92 million) and builder code fees ($5.65 million) rounded out the total. This growth comes alongside a robust $4.58 billion in Total Value Locked (TVL) and an annualized execution rate of $786 million. Jeff Yan, Hyperliquid’s CEO, attributes the momentum to HIP-3’s success, which has attracted traders seeking exposure to real-world assets. "HIP-3 has transformed how builders create permissionless perpetual markets," Yan noted. "The open interest surge to $793.27 million proves users trust our liquidity advantages."

What Role Did HIP-3 Play in Hyperliquid’s Growth?

HIP-3 (Hyperliquid Improvement Proposal 3), launched in October 2025, allows developers to stake 500,000 HYPE tokens to create perpetual futures markets. Since its rollout, open interest has ballooned from under $200 million to $700–800 million. On January 26, 2026, Hyperliquid celebrated a milestone: $793.27 million in open interest for HIP-3 perpetual markets. "This isn’t just a spike—it’s sustained demand," Yan emphasized. The upgrade has positioned Hyperliquid as a go-to platform for long-term traditional asset trading, with commodities trading volume particularly strong. Data from TradingView shows HYPE’s price ROSE 0.8% in 24 hours to $29.69, though it’s still down 48% from its September 2025 peak of $59.30.

How Are Whales Impacting HYPE’s Market Activity?

Whale movements have added volatility to HYPE. On January 27, Lookonchain reported a whale unstaking and selling a 295,917 HYPE position held for 14 months, netting $7.51 million (a $4.92 million profit). At its peak, the position’s gains exceeded $15 million. Days later, another whale withdrew $14.87 million worth of HYPE from Galaxy Digital, per Onchain Lens. The anonymous wallet (starting with "0xd4d") transferred 445,000 HYPE tokens, sparking speculation about institutional repositioning. "Whales cashing out after long holds can signal both profit-taking and strategic shifts," observed the BTCC research team. Despite this, HYPE’s monthly gain of 18.2% suggests broader confidence in Hyperliquid’s ecosystem.

What’s Next for Hyperliquid and HYPE?

With HIP-3 adoption accelerating and daily revenues hitting records, Hyperliquid’s focus is on sustaining growth. The platform’s annualized profits now stand at $685.47 million, while 24-hour trading volume for HYPE reached $701.76 million. DEX volume over 30 days hit $4.22 billion, per CoinMarketCap. Analysts are watching whether HYPE can reclaim its ATH, though macro conditions and whale activity remain wild cards. "Hyperliquid’s infrastructure is proving its resilience," said Yan. "But in crypto, today’s winner can be tomorrow’s cautionary tale—so we’re staying agile."