Hyperliquid recorded record sales of $6.84 million on February 5th, demonstrating sustained growth even during a week of market downturn.
The main driving force came from the surge in TradFi asset and commodity (RWA) trading on the perpetual DEX platform, boosting revenue, driving HYPE acquisitions, and increasing market share in the face of competition from CEXs.
- Hyperliquid generated $6.84 million in revenue on February 5th, its highest level since the October crash.
- RWA/TradFi accounted for over 30% of the volume, with silver standing out with $2.2 billion in contract volume in January.
- The revenue was primarily used to acquire HYPE, but technical signals suggest the possibility of accumulation or correction.
Hyperliquid sales reached a new peak on February 5th.
According to defillama, Hyperliquid generated $6.84 million in revenue on February 5th, marking its highest level since the October crash.
The data is recorded on defillama's tracking page, where Hyperliquid is described as a perpetual DEX experiencing a revenue surge. See the Hyperliquid metrics page on defillama .
Notably, revenue continued to increase despite the market experiencing a volatile week. This typically reflects two factors: higher demand for Derivative trading when volatility increases, and liquidation pull from asset pairs/groups experiencing high volume.
RWA and TradFi assets are driving volume on Hyperliquid.
TradFi assets now account for over 30% of the total volume on Hyperliquid, indicating a surge in demand for access to US commodities and stocks via “crypto rails”.
The revenue recovery was described as returning strongly at the end of January, coinciding with the surge in the metals sector. Within this group, silver and gold entered the top 5 assets by volume on the platform, reflecting speculative and hedging capital flows concentrated in commodities.
Silver stands out due to its high volatility in recent times. Based on volume, silver ranked third in January, behind only ETH and BTC. Hyperliquid handled approximately $2.2 billion in volume for silver contracts, and Blockworks noted that some of its matching metrics could rival the TradFi platform under certain conditions.
Revenue is being channeled into HYPE's acquisition power.
The majority of Hyperliquid's revenue is channeled into the HYPE buyback program, creating a value accumulation mechanism for Token holders.
On February 5th, $5.25 million of the total $6.84 million in revenue was allocated to buybacks. According to ASXN data, this day saw 160,750 HYPE buybacks, the highest daily buyback volume as of the date mentioned in the original article in 2026. XEM details in the ASXN buyback dashboard .
Since the program began in late 2024, the project has repurchased 40.5 million HYPE tokens to burn and remove from circulation. In terms of supply mechanisms, this is a deflationary approach, which typically supports the Token if the demand for holding/accumulating doesn't weaken.
Technical signals suggest that HYPE may consolidate or undergo a short-term correction.
Despite the deflationary buying spree, HYPE has cooled down after surging nearly 84% from $20 to $38 and falling below its 200-day SMA.
The overall market context, described as "lull," has impacted price movements. After a strong rally, a price drop below the long-term moving Medium typically indicates a decrease in short-term buying pressure or that the market needs more time to absorb supply.
Additionally, February saw a "higher high" pattern in price but a "lower high" pattern in the RSI, indicating a bearish divergence. This signal often suggests weakening upward momentum, potentially leading to a longer cooling-off period or a pullback.
Based on the price range mentioned, the $27–$38 area could become a consolidation zone if a correction/stalemate scenario occurs, especially given the continued weakness in overall market sentiment.
Hyperliquid's perpetual market share increased to 6.7%, putting pressure on CEX.
Thanks to the RWA boom, Hyperliquid's perpetual market share peaked at 6.7%, signaling direct competition with CEXs.
The increasing market share indicates that users are shifting some of Derivative trading activity to DEXs, especially as commodity/stock-linked products generate new demand. The aforementioned "share" figures can be tracked on the flow and market share tracking page on Hypeflows .
If this trend continues, Hyperliquid's advantage lies not only in its volume, but also in its ability to convert revenue into Token buybacks and improve its competitive positioning in the perpetual market—one of the largest revenue streams in the crypto market.
Frequently Asked Questions
When and how much revenue did Hyperliquid generate?
On February 5th, Hyperliquid generated $6.84 million in revenue according to defillama, described as its highest level since the October crash.
Why is RWA/TradFi increasing so rapidly on Hyperliquid?
TradFi assets accounted for over 30% of the total volume, driven by demand for access to US commodities and stocks via crypto infrastructure; metals (silver, gold) emerged as top performers by volume.
How does the HYPE acquisition program work, according to the article?
The original article stated that the majority of revenue was channeled into HYPE buybacks. On February 5th alone, $5.25 million was used for buybacks, resulting in 160,750 HYPE buybacks recorded according to ASXN data.
What was the scale of the Token buyback and burning that took place?
Since the program began in late 2024, the project has acquired 40.5 million HYPE tokens to burn and remove from circulation.
What are the short-term technical risks of HYPE?
After surging nearly 84% from $20 to $38, HYPE cooled down and fell below the 200-day SMA, with a bearish divergence appearing between the RSI and the price structure, suggesting the possibility of accumulation or correction.
What does Hyperliquid's 6.7% perpetual market share mean?
The 6.7% figure indicates that Hyperliquid is expanding its presence in the perpetual market, putting competitive pressure on Centralized Exchange and reflecting a shift in user traffic/volume towards DEXs.
