HYPE · the Hyperliquid token

Supply and scarcity, the Assistance Fund buyback flywheel, protocol revenue, burn and staking.

HYPE——

Multiples

Price against trailing twelve months of fees and earnings · both supply bases

Valuation Multiples

trailing 12 months

TTM fees

—

what users paid over the year

TTM revenue

—

what the protocol kept

Fees and revenue from DefiLlama · supply and price on-chain·A multiple is a price, not a verdict. It says what is paid, not what is owed.

Re-rating

Whether the price is following the earnings or moving away from them

Multiple Over Time

diluted

Latest

—

at the last close

Average

—

over the series

Low

—

cheapest close

High

—

richest close

FDV = close × 1B max supply, fixed at genesis·Diluted only: we hold today's float and no history of it, and pricing past closes against it would draw a compression that never happened.