Price action, protocol revenue, and valuation snapshot for the Hyperliquid ecosystem.
| Asset | Current | 1d Chg | 7d Chg | 30d Chg |
|---|---|---|---|---|
| $BTC | $83,729 | +0.9% | -3.2% | +8.5% |
| $HYPE | $86.65 | +1.4% | -4.3% | +9.1% |
| Metric | Value |
|---|---|
| Today | $1,818,582 |
| 7d avg | $2,189,619 |
| 30d avg | $2,479,478 |
| 7d vs 30d | -11.7% |
| Metric | Value |
|---|---|
| Circulating supply | 22.2% of 1,000,000,000 |
| Market cap | $19.27B |
| P/S, 7d revenue annualized + AQAv2 | 19.7x |
| AQAv2 revenue, latest payout annualized | $177.40M |
| P/S, 7d revenue annualized (on-chain only) | 24.1x |
Data analysis only, not financial advice.
Hyperliquid's AQAv2 (Aligned Quote Asset) program: Coinbase/Circle remit ~90% of the cost-adjusted reserve yield on USDC held on Hyperliquid to the protocol. Per the official docs it is accrued daily at 0 UTC, settled in 30-day intervals (from 2026-08-26), and paid to the Assistance Fund 8 days after each interval closes — so it lands on-chain as one lump per month, as a system send of USDC from 0x5000…0000 to the Assistance Fund (0xfefe…fefe), which funds open-market $HYPE buybacks. DefiLlama does not count it, so it is absent from revenue_daily; the headline P/S adds the latest payout annualized (×365/30) on top of on-chain revenue.
| Paid (UTC) | Accrual interval | Payout | Per day | Annualized (×365/30) |
|---|---|---|---|---|
| 2026-10-04 | 2026-08-26 → 2026-09-24 | $14.6M | $486K | $177.4M |
Realized rate (latest payout): $177.4M/yr ÷ $7.03B average float over 2026-08-26 → 2026-09-24 = 2.52% net (≈2.80% gross-equivalent at 90% share). The earlier 3.5% gross assumption overstated this by ~25% on the live float; the scenarios below are re-centered on the realized rate.
| Run-rate scenario | Gross-equiv. yield | Annualized | Per 30-day payout | Daily |
|---|---|---|---|---|
| Low | 2.50% | $162.9M | $13.4M | $446.4K |
| Base | 2.80% | $182.5M | $15.0M | $499.9K |
| High | 3.10% | $202.0M | $16.6M | $553.4K |
Scenarios apply to the live float ($7.23B, DefiLlama pegged-stablecoin supply on Hyperliquid L1, USDC ~95%+ of it, chart above) and estimate the next payout; the P/S itself uses the last actual payout, not a scenario. Because the float includes ~5% non-USDC stablecoins, the realized rate per USDC is slightly higher than shown. Mechanism confirmed by hyperliquid.gitbook.io/hyperliquid-docs/hypercore/aligned-quote-assets; first payout matched the documented Aug 26 + 30d + 8d schedule.
Drag the heatmap to set HYPE price and AQAv2 revenue together, or use the sliders/number inputs for precise values. Protocol revenue is a separate, independent slider — it shifts the whole P/S surface without being a heatmap axis itself, so you can isolate its effect from the price/AQA tradeoff. P/S here is market cap ÷ annualized revenue, where market cap uses the circulating supply as of 2026-10-11 (222.4M HYPE) × the price you set. AQAv2 revenue is never in DefiLlama's tracked revenue_daily but it is real cash paid to the Assistance Fund monthly; the AQA slider defaults to the latest actual payout × 365/30, the same figure behind the headline P/S incl. AQAv2.
Heatmap: X axis = HYPE price, Y axis = AQAv2 annualized revenue, color = P/S (current protocol-revenue slider value + that cell's AQA revenue); the crosshair marks the current price/AQA slider values and can be dragged directly. Circulating supply and 7D/30D protocol-revenue baselines as of 2026-10-11; AQAv2 default = latest actual payout × 365/30; Low/Base/High = live USDC float $7.230B (DefiLlama) × 2.50%/2.80%/3.10% gross yield × 90% share (Base calibrated to actual payouts). Purely an interactive estimation tool; nothing here is written to the database.