Hyperliquid Hits $6.84M Daily Revenue, HYPE Faces Sudden Slowdown

• Record Revenue: Hyperliquid generated $6.84M in daily revenue, driven by metals and crypto trading.

• HYPE Buybacks: $5.25M directed to HYPE buyback, reducing circulating supply and supporting token value.

• Market Slowdown: HYPE price cooled after rally, likely consolidating between $27 and $38.

Hyperliquid — HYPE, has been showing remarkable momentum despite recent market turbulence. On February 5, the perpetual DEX platform recorded $6.84 million in daily revenue, marking a new high since October 2024. The surge reflects growing retail and institutional interest in both crypto and traditional assets. Silver and gold trading volumes have especially driven the rebound. HYPE holders have benefited through the buyback program, though the token’s price has cooled following a sharp rally.

Maybe it’s time to start pointing out that Hyperliquid has consistently generated $2.7M in daily revenue (on avg) over the past 30d:

with no active points season
despite multiple zero-fees competitors running aggressive incentive programs
and in a market that’s seen… pic.twitter.com/iX2QytDEvj

— Henrik (@Henrik_on_HL) December 20, 2025

Record Revenue Driven by Commodities

Late January marked a turning point for Hyperliquid’s revenue engine. The metals rally boosted platform activity, pushing silver and gold into the top five assets by trading volume. Silver contracts alone reached $2.2 billion in January, rivaling some traditional finance execution metrics. Traders clearly responded to increased opportunities in commodities, showing strong appetite for real-world assets on crypto rails.

Real-world assets now account for over 30% of Hyperliquid’s total trading volume. This shows the growing interest in retail exposure to U.S. equities and commodities through decentralized platforms. The trend highlights Hyperliquid’s ability to capture market share from conventional exchanges. Perpetual markets are benefiting from this influx, giving the platform a record 6.7% share of the overall DEX sector.

HYPE Buybacks and Token Slowdown

HYPE holders saw immediate benefits from revenue growth. On February 5, $5.25 million of the $6.84 million revenue went to the buyback program. That day, 160.75k HYPE were repurchased, setting a record daily buyback for 2026. Since the program began in late 2024, Hyperliquid has bought and burned 40.5 million HYPE, reducing circulating supply. While these deflationary moves support long-term token value, market conditions affected HYPE price action.

After climbing 84%, from $20 to $38, the token cooled below the 200-Day Simple Moving Average. Higher highs in price were met with lower highs in the RSI, indicating bearish divergence. Analysts suggest HYPE could consolidate between $27 and $38 if the broader market remains weak. Despite the slowdown, the platform’s expansion in real-world asset trading shows Hyperliquid’s market influence.

Perpetual markets have benefited from both retail and institutional attention, signaling serious competition for centralized exchanges. Continued commodity volatility, especially in silver, could drive further platform activity. Traders appear confident that HYPE buybacks, combined with growing RWA adoption, provide strong support even during broader market pauses. Hyperliquid’s record revenue demonstrates resilience in a challenging market.

Real-world assets are transforming the DEX landscape, while token buybacks reward holders directly. HYPE faces short-term resistance, but underlying fundamentals remain robust. Market watchers will track both platform volumes and token consolidation zones to anticipate the next phase of growth.