Hyperliquid’s trading platform is experiencing significant growth driven by two key factors. Non-crypto assets (HIP-3) like oil, gold, and silver accounted for 40% of its daily volume in March amid geopolitical tensions. Meanwhile, integrations with wallets like Phantom and MetaMask via builder codes are generating substantial new revenue streams for the protocol.
The growth of non-crypto asset trading and third-party integrations is accelerating adoption for Hyperliquid. According to Ryan Watkins, co-founder of crypto VC firm Syncracy Capital, these two factors were ‘accelerating adoption’ for the platform.
Collectively, HIP-3 and builder codes now generate about $100 million in annual revenue for Hyperliquid. This represents roughly 19% of the platform’s total revenue share.
In terms of trading activity, builder codes account for 10% of total volumes, primarily from mobile interfaces. For every trade made via these integrations, a fee-sharing model applies between Hyperliquid and the builder.
Most of this revenue funds a token buyback program for its HYPE token. This mechanism created significant buying pressure during Q1 2026 as perp volumes doubled from $40 billion to nearly $90 billion.
Weekly revenues doubled from less than $9 million to over $22 million in that period. This activity propelled the HYPE token on an 86% run to $38, followed later by a 71% upswing to $43.
At the time of writing, HYPE had retraced part of its recent gains and traded below $40. The token was back in its H2 2025 price range of $35 to $50.
