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.

Crypto di tendenza

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

ZRX（0X）ZRX

PancakeSwapCAKE

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.

Letture associate

Podcast Notes | Conversation with GSR Asset Management Head: To Determine if This Crypto Rally is Real, Just Watch the Lending Rates on Aave

Podcast Summary: Dialogue with GSR's Head of Asset Management: To Determine if This Crypto Rally is Real, Just Check Lending Rates on Aave Andy Baehr, Managing Director of Asset Management at GSR, discusses the current crypto market, characterizing it as stuck in a state of "ambivalence" with short-lived, unsustainable rallies. He outlines a simple framework: the market moves between "ambivalence" and "conviction" (sustained upward momentum). Currently, every rally resembles a single-stage rocket booster that quickly fizzles out. Baehr identifies three key signals to watch: 1) DeFi lending rates, 2) the potential passage of the CLARITY Act, and 3) the market forming a consensus on the "Fed hawkish peak." He emphasizes that the most immediate indicator for the sustainability of the recent CPI-triggered rally is the USDC borrowing rate on Aave, currently around 3.75%—close to U.S. Treasury yields. The absence of a credit spread indicates low leverage demand and a lack of market energy. He explains that a healthy, sustained rally requires layered buying pressure. Last year's rally progressed from an ETH short squeeze to crypto-native trader influx and finally to ETF inflows. Currently, this structure is missing. Other potential structural buyers like Digital Asset Treasury (DAT) companies are absent, and ETF flows have proven transient. Baehr notes that while small-cap crypto tokens outperformed large caps in Q2—a potential sign of capitation in major assets—capital is also flowing to more exciting opportunities like AI stocks and tech IPOs, leaving crypto sidelined. Regarding DeFi, he highlights that platforms like Aave provide a clear, real-time signal of leverage demand through their supply/demand-driven interest rates. A significant, sustained rate increase would signal genuine market conviction. He also observes the quiet emergence of fixed-income-like products and vaults in DeFi. On regulation, the probability of the CLARITY Act passing before the August 7th deadline has dropped linearly from 75% to below 40% on Polymarket. Baehr suggests its passage would be treated as a bullish surprise, a potent driver for price movement. However, political hurdles, including ethical clause debates and disclosures about the First Family's crypto profits, remain significant obstacles. Ultimately, the market awaits clarity on the Fed's terminal rate under Chair Warsh. Until the "Fed Solstice"—the point where the market collectively understands the peak of hawkish policy—sustained conviction will be difficult to achieve.

marsbit9 min fa

Podcast Notes | Conversation with GSR Asset Management Head: To Determine if This Crypto Rally is Real, Just Watch the Lending Rates on Aave

marsbit9 min fa

Send a Message to Transfer Coins? Telegram to 'Stuff' a Crypto Wallet into 1 Billion Users This Summer

Telegram founder Pavel Durov has announced that a native, non-custodial wallet called Gram wallet will be built into every Telegram app this summer. This move aims to provide instant, fee-free cryptocurrency transfers for the platform's over 1 billion monthly active users. Durov described it as the largest deployment of a non-custodial crypto wallet in history. The new wallet, developed by Telegram itself, differs fundamentally from the existing third-party @wallet bot. It will be non-custodial from the start, meaning users will control their private keys. Following the announcement, the GRAM token (formerly Toncoin) saw a price increase of approximately 8%. This initiative is part of Telegram's renewed control over the TON blockchain and its "Make TON Great Again" roadmap, marking a return to the project after a 2018 SEC lawsuit. The launch comes as other super-apps like X Money and Meta are also expanding into digital payments, with Telegram opting for a crypto-native approach. However, key details remain unclear, including the exact launch date beyond "this summer," how the promised zero fees will be implemented technically, and how asset support and private key management will work for mainstream users.

marsbit52 min fa

Send a Message to Transfer Coins? Telegram to 'Stuff' a Crypto Wallet into 1 Billion Users This Summer

marsbit52 min fa

Hyperliquid’s HIP-4 proposal fuels HYPE staking as long-term conviction grows

Hyperliquid has proposed the HIP-4 upgrade to expand from perpetual futures into a broader, permissionless infrastructure layer for on-chain applications, requiring deployers to stake 500,000 HYPE to launch new markets. This shift aims to enable developers to build on its platform, a strategy backed by growing long-term investor conviction. Evidence includes a major trader staking millions in HYPE instead of taking profits, with total staked tokens reaching 43.9% of the supply, reducing available tokens and strengthening network security. Market metrics like high open interest and balanced funding rates suggest measured, non-speculative trader positioning. Sustained growth in protocol revenue, TVL, and governance participation further supports the positive outlook, contingent on continued user adoption and successful upgrade execution.

ambcrypto54 min fa

Hyperliquid’s HIP-4 proposal fuels HYPE staking as long-term conviction grows

ambcrypto54 min fa

7 Months After the Collapse of Huiwang, Southeast Asia's Escrow Platforms Undergo a Major Reshuffle

Following the collapse of Huione Pay—dubbed the "Alipay of Southeast Asia"—seven months ago, the region's underground financial guarantee platform sector is undergoing a significant reshuffle. This power vacuum has been swiftly filled by emerging platforms such as XinBi, Tiger/Navigator, JinBei (renamed JinBo), Dali/Tiancheng, and FullyLight. These platforms, operating largely via Telegram and offering services like escrow for illicit transactions, have absorbed the vast user base and markets left behind by Huione. While positioning themselves as "trust intermediaries," their primary clientele consists of networks involved in online scams, money laundering, illegal gambling, and even human trafficking. For instance, the Tiger/Navigator platform explicitly provides "escrow" services for kidnapping-for-ransom operations ("强押车交易"). Data underscores the immense scale: Huione alone processed over $103 billion in cryptocurrency payments and facilitated over $31 billion through its escrow market before its downfall, linking it to Cambodia's notorious Prince Group. Since its collapse, competitors have seen explosive growth. For example, the XinBi platform has accumulated over $1.6 billion in total USDT revenue, while platforms like NewPay, OkPay (under Dali), and FullyLight Wallet collectively processed over $4.8 billion in USDT in a single year. This ecosystem thrives in regions like Cambodia and Myanmar, where regulatory gaps allow these platforms to act as critical financial infrastructure for sprawling cybercrime industries, from scam compounds to online casinos. The article concludes that the moniker "Southeast Asian Alipay" is a misnomer, obscuring the platforms' fundamental role in enabling serious criminal enterprises rather than representing legitimate financial innovation.

Odaily星球日报1 h fa

7 Months After the Collapse of Huiwang, Southeast Asia's Escrow Platforms Undergo a Major Reshuffle

Odaily星球日报1 h fa

The Changing Landscape: What Are Crypto VCs Experiencing?

Title: The Shifting Landscape of Crypto Venture Capital The era of dedicated crypto venture capital funds is undergoing a significant transformation. Once essential for navigating the sector's complexity and high risk, these specialized funds are now facing an identity crisis as the market matures. This shift mirrors historical patterns in other specialized investment classes like cleantech and SPACs, where initial information advantages dissipate as technologies become mainstream and integrated into existing industry frameworks. The article argues that crypto is reaching a critical inflection point, transitioning from a "building phase" to an "integration phase." Major players like Stripe, BlackRock, and Visa now engage with crypto not for its novel mechanics but as a foundational financial infrastructure. Their needs—regulatory compliance, banking partnerships, distribution channels—align with traditional fintech, a domain easily understood by large, generalist funds like Sequoia and Founders Fund. This evolution creates a "barbell effect" within the VC landscape. On one end are massive, diversified platforms that can incorporate crypto as one vertical among many. On the other are small, nimble funds focused on niche, experimental projects. The middle ground—medium-sized dedicated crypto funds—is being squeezed out. Their typical fund size makes it impossible to generate sufficient returns solely from early-stage crypto bets, yet they cannot compete with giants for later-stage deals. Consequently, leading crypto-native firms like Paradigm and Framework Ventures are expanding into AI, robotics, and other sectors, driven partly by LP pressure for better returns amid a broader VC DPI crisis. Others, like Dragonfly and a16z, have narrowed their crypto focus predominantly to financial infrastructure like stablecoins, reframing the sector's core narrative. For crypto entrepreneurs, this consolidation presents challenges. While generalist funds offer larger checks and broader resources, crypto projects now compete fiercely with AI for attention and capital within these firms. Furthermore, the long-term, non-commercial foundational work that built the ecosystem—funded by dedicated crypto VCs—is less likely to attract generalist capital focused on direct returns. The conclusion is that "crypto investor" as a standalone category is becoming obsolete, akin to "internet investor." Crypto is becoming a baseline infrastructure layer. The future will see a barbell structure: large-scale growth financing handled by generalist funds, while pioneering, speculative projects are funded by small, specialized vehicles. The dedicated crypto funds of the 2017-2021 boom, which incubated core infrastructure, are giving way to this new, bifurcated reality.

Foresight News1 h fa

The Changing Landscape: What Are Crypto VCs Experiencing?

Foresight News1 h fa

Trading

Spot

Articoli Popolari

Come comprare T

Benvenuto in HTX.com! Abbiamo reso l'acquisto di Threshold Network Token (T) semplice e conveniente. Segui la nostra guida passo passo per intraprendere il tuo viaggio nel mondo delle criptovalute.Step 1: Crea il tuo Account HTXUsa la tua email o numero di telefono per registrarti il tuo account gratuito su HTX. Vivi un'esperienza facile e sblocca tutte le funzionalità,Crea il mio accountStep 2: Vai in Acquista crypto e seleziona il tuo metodo di pagamentoCarta di credito/debito: utilizza la tua Visa o Mastercard per acquistare immediatamente Threshold Network TokenT.Bilancio: Usa i fondi dal bilancio del tuo account HTX per fare trading senza problemi.Terze parti: abbiamo aggiunto metodi di pagamento molto utilizzati come Google Pay e Apple Pay per maggiore comodità.P2P: Fai trading direttamente con altri utenti HTX.Over-the-Counter (OTC): Offriamo servizi su misura e tassi di cambio competitivi per i trader.Step 3: Conserva Threshold Network Token (T)Dopo aver acquistato Threshold Network Token (T), conserva nel tuo account HTX. In alternativa, puoi inviare tramite trasferimento blockchain o scambiare per altre criptovalute.Step 4: Scambia Threshold Network Token (T)Scambia facilmente Threshold Network Token (T) nel mercato spot di HTX. Accedi al tuo account, seleziona la tua coppia di trading, esegui le tue operazioni e monitora in tempo reale. Offriamo un'esperienza user-friendly sia per chi ha appena iniziato che per i trader più esperti.

448 Totale visualizzazioniPubblicato il 2024.12.10Aggiornato il 2026.06.02

Discussioni

Benvenuto nella Community HTX. Qui puoi rimanere informato sugli ultimi sviluppi della piattaforma e accedere ad approfondimenti esperti sul mercato. Le opinioni degli utenti sul prezzo di T T sono presentate come di seguito.