Hyperliquid's cumulative protocol revenue exceeded $1.4 billion as of Oct. 7, according to Castle Labs data. Native perpetual contracts generated $1.2 billion, or 88.7% of the total, while spot trading contributed $50.1 million, or 3.6%. HIP-3 perpetual contracts added $29.2 million, or 2.1%, with the remainder coming from auctions, USDC reserve yields and HyperEVM gas fees. More than $1.26 billion of the accumulated revenue was allocated to HYPE token buybacks, making buybacks the protocol's primary revenue-allocation mechanism and returning substantial capital to the ecosystem.