Hyperliquid – Record daily revenue of $6.84M, but HYPE hits the brakes

Hyperliquid has been on a tear currently, and this week’s market crash didn’t cease its momentum both. In keeping with DeFiLlama, the perpetual DEX platform generated $6.84 million on 5 February – A report excessive because the October crash. 

The platform’s income engine sprang again to life in late January, due to the metals rally, with silver and gold leaping into the highest 5 belongings by way of buying and selling volumes. 

Supply: DeFiLlama

Hyperliquid’s RWA market growth

In reality, TradFi belongings now account for over 30% of total Hyperliquid buying and selling volumes, additional underscoring the rising urge for food for retail publicity to commodities and U.S equities (real-world belongings, RWA) through crypto rails. 

Silver, specifically, has been very risky currently. Nevertheless, based mostly on buying and selling volumes, it was ranked third after ETH and BTC in January. The platform dealt with $2.2 billion in volumes for silver contracts, with Blockworks noting that it rivaled even TradFi platforms on some execution metrics. 

Supply: Blockworks

Influence on HYPE and market dominance

And so, how does all this explosive traction profit HYPE holders? For starters, many of the generated income goes to HYPE buyback as a part of worth accrual to token holders. 

On 05 February, $5.25 million of the generated $6.84 million was directed to the buyback program. In keeping with ASXN data, 160.75k HYPE was purchased again on that day, the best each day buyback to this point in 2026. 

For the reason that program started in late 2024, the Hyperliquid venture has purchased again 40.5 million HYPE that might be burned and faraway from circulation. 

Sometimes, such deflationary strikes are all the time bullish for the token, however the broader market lull caught up with the token’s value motion. After rallying by almost 84%, climbing from $20 to $38, HYPE cooled off beneath the 200-Day Easy Transferring Common (SMA). 

Supply: HYPE/USDT, TradingView

In addition to, the upper highs printed in February contrasted with the decrease highs on the RSI (Relative Energy Index). This was a bearish divergence that instructed the cool-off might prolong or a pullback might observe. 

Based mostly on the chart, the $27-$38 space is perhaps a probable value consolidation zone if such a situation performs out. Particularly if the broader market sentiment stays weak. 

That mentioned, Hyperliquid’s RWA growth has lifted its perpetual markets share to a report excessive of 6.7% – A transparent warning to CEX incumbents. 

Supply: Hype Flows

Last Ideas

• Hyperliquid generated a each day income of $6.84 million on 05 February – The very best because the October crash 
• The RWA growth fueled HYPE buybacks and the platform’s market dominance, however the altcoin might prolong its cool-off after an 84% surge.