HYPE · the Hyperliquid token
Supply and scarcity, the Assistance Fund buyback flywheel, protocol revenue, burn and staking.
HYPE——Returns to holders
What the fund bought each day against the revenue that funds itBuyback vs Revenue
- Bought back
- Protocol revenue
Supply & Scarcity
How the 1B genesis HYPE splits today · allocation & vestingSupply & Scarcity
Genesis Distribution
Airdropped 2024-11-29 to Season 1–2 points earners — one of the largest in crypto. Fully community-directed.
Reserve for ongoing emissions, future seasons, liquidity and builder incentives. Largely undistributed.
1-year cliff post-genesis, then linear vesting to ~2027–2028. Monthly unlocks on the 6th.
Foundation operating budget for ecosystem development.
Ecosystem and community grant programs.
On-chain automated liquidity provisioning seeded at genesis.
Buyback, Burn & Holders
Assistance Fund holdings and cost basis · HYPE removed from supply · whale & retail cohortsAssistance Fund
The Assistance Fund is an L1 system address with no private key. The protocol routes the large majority (~97–99%) of net perp and spot trading fees to it, plus the monthly USDC reserve yield (AQAv2) since October 2026, and it continuously buys HYPE on the open market — every figure above is aggregated from its actual on-chain buy fills. HYPE that lands there cannot be withdrawn, so more volume means more buybacks and a tighter float.
Burn & Deflation
~99% of net perp + spot fees buy HYPE that lands in a keyless address — permanently out of float. The dominant deflation force.
Base gas on HyperEVM is paid in HYPE and burned — every lending, staking and DeFi transaction nets supply down.
Spot fees not routed to the AF or token deployers are burned at the protocol level.
Traders pay up to 8 bps of notional in HYPE to rank higher in the execution queue. Charged from undelegated stake and burned, whether or not a resting order fills.
Two Dutch auctions on a three-minute cycle sell faster market-data reads. Each resets at ten times its last winning bid, floors at 0.1 HYPE, and the winning bid is burned from spot balance.