Hyperliquid's cumulative protocol revenue surpasses $1.4 billion, has spent over $1.26 billion to buy back HYPE.

BlockBeats news, October 10 - According to an on-chain perpetual contract market research report released by Castle Labs, Hyperliquid's cumulative protocol revenue has surpassed $1.4 billion, with over $1.26 billion used to buy back HYPE in the open market. By open interest, Hyperliquid currently holds more than 56% of the on-chain perpetual contract market share.

The report also noted that Hyperliquid's Builder Codes mechanism allows third-party wallets and applications to access its trading infrastructure, enabling them to integrate perpetual contract trading and generate revenue without building their own systems. Among them, Phantom has accumulated over $25 million in revenue through this mechanism, while MetaMask has accumulated over $10.5 million.