Hyperliquid · HYPE
The on-chain perpetuals exchange
The Assistance Fund buys back more HYPE than the team vault unlocks, Hyperliquid is the runaway leader in on-chain perpetuals, and you genuinely need HYPE to pay gas, stake, and deploy markets — a rare all-three coin.
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HYPE · the buyback just cancels out new supply.
HYPE is the token of Hyperliquid, an on-chain perpetuals exchange — 1B fixed cap, ~222M circulating.
Sell pressure. Staking rewards add ~2.45M HYPE / 90D from the emissions reserve, plus a small team claim of ~1.2M — about 3.65M total.
Buy pressure. The Assistance Fund spends ~99% of platform fees buying HYPE daily — ~3.78M HYPE / 90D, a shade more than the new supply.
Net. Buyback just edges out issuance — supply is ~−0.06% over 90 days (essentially flat, a shade shrinking) as long as fee revenue holds.
- Core Contributors monthly claimactual ≪ ceilingJul 6 2026 · added to market
Staking rewards are paid out of the future-emissions reserve at a rate that falls as more HYPE is staked — about 2.3% a year with ~438.3M HYPE staked. That is roughly 2.45M HYPE over 90 days moving from the reserve into holder balances. No mint above the 1B cap; this is reserve issuance, not new supply, but it does expand the circulating float.
Core Contributors claim at the actual observed rate (about 140K–570K a month over recent months), not the authorized ceiling of ~9.92M a month. The team announces a specific claim on the 6th and it has stayed far below the maximum. Counting three announced claims in this window — May 6, Jun 6, Jul 6 — gives about 1.20M over 90 days.
No public evidence of release in window — monitored. Four team-controlled overhangs tracked: future-emissions reserve ~414M (only the staking stream in Sell #1 flows out); Core Contributors bucket ~238M (only the ~1.2M/90d in Sell #2 flows out); Hyper Foundation budget ~60M (slow grant deployer); Assistance Fund ~45.6M (only accumulates from buyback, never sells).
No bankruptcy estate. The future-emissions reserve and the Core Contributors bucket release on published, gradual schedules — neither dumps a cliff inside this window.
The Assistance Fund routes about 99% of platform fees into daily open-market HYPE buys, held at one on-chain system address (0xfefe…fefe). Fees over this window were about $199.6M, so roughly $197.6M of buying at an average price near $52 — about 3.78M HYPE over 90 days, a shade more than issuance plus the team claim. The wallet only accumulates; balance was 45.6M HYPE on Jul 3 2026.
No EIP-1559-style fee burn. Fees are spent on the buyback (row #1) and held, not destroyed at the protocol level. The Dec 2025 'burn' was a governance recognition of the buyback wallet, not a separate burn engine.
All protocol-led buy activity flows through the Assistance Fund (row #1). No separate Foundation accumulation programme.
Staking unbond is about 7 days — operational, not a long-term lock. No new staking-cap or lockup programme announced in window.
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