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

ambcryptoPubblicato 2026-02-08Pubblicato ultima volta 2026-02-08

Introduzione

Hyperliquid achieved a record daily revenue of $6.84 million on February 5th, its highest since October, largely driven by a surge in trading volumes for real-world assets (RWA) like silver and gold. These TradFi assets now make up over 30% of the platform's volume. A significant portion of the revenue, $5.25 million, was allocated to buying back HYPE tokens, with 160.75k tokens repurchased that day. Despite strong fundamentals and a growing market share of 6.7% in perpetual markets, HYPE's price faced a bearish divergence. After an 84% rally to $38, it cooled off below key moving averages, with potential consolidation between $27-$38 if market sentiment remains weak.

Hyperliquid has been on a tear lately, and this week’s market crash didn’t stop its momentum either. According to DeFiLlama, the perpetual DEX platform generated $6.84 million on 5 February – A record high since the October crash.

The platform’s revenue engine sprang back to life in late January, thanks to the metals rally, with silver and gold jumping into the top five assets in terms of trading volumes.

Hyperliquid’s RWA market boom

In fact, TradFi assets now account for over 30% of overall Hyperliquid trading volumes, further underscoring the growing appetite for retail exposure to commodities and U.S equities (real-world assets, RWA) via crypto rails.

Silver, in particular, has been very volatile lately. However, based on trading volumes, it was ranked third after ETH and BTC in January. The platform handled $2.2 billion in volumes for silver contracts, with Blockworks noting that it rivaled even TradFi platforms on some execution metrics.

Impact on HYPE and market dominance

And so, how does all this explosive traction benefit HYPE holders? For starters, most of the generated revenue goes to HYPE buyback as part of value accrual to token holders.

On 05 February, $5.25 million of the generated $6.84 million was directed to the buyback program. According to ASXN data, 160.75k HYPE was bought back on that day, the highest daily buyback so far in 2026.

Since the program began in late 2024, the Hyperliquid project has bought back 40.5 million HYPE that will be burned and removed from circulation.

Typically, such deflationary moves are always bullish for the token, but the broader market lull caught up with the token’s price action. After rallying by nearly 84%, climbing from $20 to $38, HYPE cooled off below the 200-Day Simple Moving Average (SMA).

Besides, the higher highs printed in February contrasted with the lower highs on the RSI (Relative Strength Index). This was a bearish divergence that suggested the cool-off may extend or a pullback may follow.

Based on the chart, the $27-$38 area might be a likely price consolidation zone if such a scenario plays out. Especially if the broader market sentiment remains weak.

That said, Hyperliquid’s RWA boom has lifted its perpetual markets share to a record high of 6.7% – A clear warning to CEX incumbents.

Final Thoughts

Hyperliquid generated a daily revenue of $6.84 million on 05 February – The highest since the October crash
The RWA boom fueled HYPE buybacks and the platform’s market dominance, but the altcoin may extend its cool-off after an 84% surge.

Domande pertinenti

QWhat was Hyperliquid's record daily revenue on February 5th and why was it significant?

AHyperliquid generated a record daily revenue of $6.84 million on February 5th. This was the highest revenue the platform had seen since the market downturn in October, marking a significant recovery and a new peak in its financial performance.

QWhat role did Real-World Assets (RWA) play in Hyperliquid's recent performance?

AReal-World Assets (RWA), specifically commodities like silver and gold, were a major driver of Hyperliquid's recent boom. TradFi assets accounted for over 30% of the platform's overall trading volumes, with silver ranking as the third most-traded asset after ETH and BTC in January, handling $2.2 billion in volumes.

QHow does the revenue generated by Hyperliquid benefit HYPE token holders?

AThe majority of the revenue generated is directed towards a HYPE token buyback program. For example, on February 5th, $5.25 million of the $6.84 million revenue was used to buy back 160.75k HYPE tokens. These bought-back tokens are burned and removed from circulation, which is a deflationary mechanism designed to accrue value to the remaining token holders.

QDespite strong fundamentals, why did the price of HYPE token cool off?

ADespite the strong revenue and buybacks, the HYPE token price cooled off due to a broader market lull. After rallying nearly 84%, the price fell below the 200-Day Simple Moving Average (SMA). A bearish divergence was also observed, where the price made higher highs in February while the Relative Strength Index (RSI) made lower highs, suggesting a potential extended cool-off or pullback.

QWhat market share did Hyperliquid achieve in the perpetual markets due to its RWA boom?

AHyperliquid's RWA boom lifted its share of the perpetual markets to a record high of 6.7%, which serves as a significant competitive warning to centralized exchange (CEX) incumbents.

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