Perp tradingPerp DEX · Own L1 (HyperCore + HyperEVM)
Hyperliquid
Author's status: ActiveTBAUpdated: 2026-10-03
My main exchange. I also reach the trade.xyz and Entropy HIP-3 markets from here.
Valuation
- FDV (fully diluted)
- $85BMarket cap $20B
- FDV ÷ revenue
- 123xRevenue, last 365 days $688M149x on the last 90 days × 4 (annualized $569M)
- FDV ÷ holder returns
- 149xBuybacks, burns and distributions over the last 90 days: $142M (×4 to annualize)
- Note
- About 97% of fees buy back HYPE through the Assistance Fund, treated as burned. The multiple is high on an FDV basis.
As of 2026-09-28. FDV and price from CoinGecko; revenue and holder returns from DefiLlama. The denominator is revenue, not profit, so this is closer to a price-to-sales ratio than a P/E. The author treats FDV ÷ revenue of 5x or less as cheap, but it moves a lot with revenue swings and unlocks.
TGE and points
- Phase
- TBANo officially announced live points program. 38.888% of supply is reserved for future emissions and community rewards.
- TGE
- $HYPE2024-11-29
- Points program
- No points
- Community allocation
- 31% went out in the genesis airdrop. 38.888% is reserved for future emissions and community rewards. No allocation to investors.
Airdrop payout estimate
There is no basis for the allocation or valuation yet, so no estimate is possible.
Team, funding and user base
- Base
- Singapore (company HQ)
- Founders / leads
- Jeff YanJeff Yan is a former quant at Hudson River Trading. One co-founder is anonymous.
- VC funding
- NoneNo VC funding (self-funded).
- X followers
- 425.9K@HyperliquidXas of 2026-09-20
- User base
- About 1.17M total users (2026-03-25)Datawallet (secondary source citing Hyperliquid's stats dashboard)
Risks and caveats
- In the March 2025 JELLY manipulation incident, validators delisted the market and force-settled positions.
- May 2026: CME and ICE reportedly urged US regulators to investigate (CoinDesk / Bloomberg).
- June 2026: added to the UK FCA warning list (CryptoSlate).
- No KYC. Restricted for the US, Ontario and sanctioned regions.
Links
This is a referral link. The author may be rewarded when you sign up or trade. What is written here is not tied to those rewards.
Sources
This page is for information only and is not a solicitation to use any crypto asset or service. Airdrops and their amounts are not guaranteed, and you may lose the funds you deposit.