Hyperliquid Weekly Data Report — Week of August 31–September 6, 2026
Revised Sep 14, 2026: every figure below was re-verified against primary sources (Hyperliquid API, DefiLlama); historical figures that no public API provides are printed as unavailable rather than estimated.
Every metric below was fetched from a public API — the Hyperliquid official endpoint and DefiLlama — and the fetch is archived with a timestamp. This report prints only what a public source can verify. The week in one line: HYPE closed $87.94, +9.9%, at a fresh $89.60 all-time high; a second unlock inside nine days was absorbed; fees fell a third straight week to $16.5M; TVL held $6.41B.
The verified metrics
| # | Metric | Reading | Source | Note |
|---|---|---|---|---|
| 1 | HYPE price (Sep 6 close) | $87.94 | Hyperliquid candles | +9.9% WoW ($79.99 → $87.94) |
| 2 | Weekly high / low | $89.60 / $79.52 | Hyperliquid candles | Both extremes printed Sunday / Monday |
| 3 | All-time high (intraday) | $89.60 | Hyperliquid candles | Sep 6 — third record in three weeks ($83.46, $86.73, $89.60) |
| 4 | Biggest single day | Sep 3: $87.49, +6.8% | Hyperliquid candles | From $81.90; high $88.20 — the run at $88 |
| 5 | Protocol fees (7d) | $16.5M | DefiLlama | Third straight weekly decline (−22.2%) — against a +9.9% price week |
| 6 | Largest fee day | Sep 3: $3.47M | DefiLlama | vs a $1.4–1.6M weekday baseline pre-Aug 19 |
| 7 | Fee run-rate (annualized) | ~$0.86B/yr | Derived | $16.5M × 52 |
| 8 | TVL — Hyperliquid L1 (close) | $6.41B | DefiLlama | −0.3% WoW; held within 0.3% of the $6.43B monthly high |
| 9 | TVL — weekly path | 6.40 → 6.35 → 6.37 → 6.30 → 6.39 → 6.38 → 6.41 | DefiLlama | Daily L1 closes, $B — a plateau, not an exit |
| 10 | BTC, same week | +3.4% | Hyperliquid candles | $77,659 → $80,314 (Sunday closes) |
| 11 | ETH, same week | +4.0% | Hyperliquid candles | $2,418 → $2,515 (Sunday closes) |
| 12 | HYPE relative strength | ~3x the market | Derived | +9.9% vs +3.4% / +4.0% — same source, same clocks |
| 13 | August monthly return | +60.3% | Derived | $52.51 (Aug 1 open) → $84.17 (Aug 31 close); full month wrap in the August Market Report |
| 14 | Unlock #2 (Sep 6) | 9.92M HYPE (~$820M) | MoneyCheck (news) | Partial — absorbed; price ran to the record on release day |
| 15 | Next scheduled unlock | Sep 29: ~14.18M HYPE | AInvest (news) | Partial — third release on the schedule |
| 16 | Cumulative burns | 48.45M HYPE (4.84% of max) | MoneyCheck (news) | Partial — on-chain-derived tally; AF has spent ~$1.1B on 45M+ HYPE (ETHNews) |
| 17 | Platform OI (incl. builder dexes) | ~$14.4B | Hyperliquid API (Sep 14 archive) | Partial — measured at re-verification; ~3% below the $14.7B pre-Oct-2025 peak (MoneyCheck) |
| 18 | Open interest / funding (during the week) | Unavailable | — | No public history endpoints; OI is a stock measured at snapshot time |
| 19 | Staking, HLP, addresses | Unavailable | — | No public API for staking totals, HLP returns or address counts |
| 20 | Market cap (this week) | Unavailable | — | Historical circulating-supply series is not published; only current-snapshot market cap exists ($17.7B at the Sep 14 re-verification) |
Not verifiable via public API (printed as unavailable, not estimated): historical open interest and funding, weekly liquidations, staked HYPE and staking APY, HLP vault TVL and return, Assistance Fund weekly USD purchases, active addresses, transaction count, historical circulating supply and market cap.
The five-week chain
| Week | Close | High | Low | Fees (7d) | TVL L1 (close) |
|---|---|---|---|---|---|
| Aug 3–9 | $53.83 | $57.96 | $51.88 | $9.4M | $5.62B |
| Aug 10–16 | $57.10 | $58.50 | $53.74 | $8.0M | $5.58B |
| Aug 17–23 | $82.37 | $83.46 | $57.02 | $24.6M | $6.16B |
| Aug 24–30 | $79.99 | $86.73 | $76.59 | $21.2M | $6.43B |
| Aug 31–Sep 6 | $87.94 | $89.60 | $79.52 | $16.5M | $6.41B |
The shape: a +44% breakout, a consolidation that printed a higher high, and now an advance to a third record — $89.60 — on falling fees. The fee series has decayed 33% from its spike while price rose 6.8% above the post-spike close. That divergence is the defining measurement of this phase: flows are normalizing while the market re-rates the machine.
Inside the week: the daily path
| Date | Close | Δ | Protocol fees (day) |
|---|---|---|---|
| Mon Aug 31 | $84.17 | +5.2% | $2.49M |
| Tue Sep 1 | $82.74 | −1.7% | $2.63M |
| Wed Sep 2 | $81.90 | −1.0% | $2.21M |
| Thu Sep 3 | $87.49 | +6.8% | $3.47M |
| Fri Sep 4 | $84.45 | −3.5% | $2.92M |
| Sat Sep 5 | $85.43 | +1.2% | $1.09M |
| Sun Sep 6 | $87.94 | +2.9% | $1.65M |
One structural note on the daily pattern: Thursday's +6.8% — the $88 run — landed on the week's fee peak ($3.47M), and the two days before it saw quiet declines on shrinking fees. Sunday's record came on modest weekend fees ($1.65M): price discovery led by positioning, not by a churn spike. The fee series never left its $1–3.5M band all week.
Valuation arithmetic (not a forecast)
What can be computed honestly from this week: the fee run-rate annualizes to ~$0.86B/yr, and buyback capacity — on third-party estimates that roughly 99% of protocol revenue routes to the Assistance Fund — is ~$16.3M for the week, plus the AQAv2 yield stream whose external estimate (~$527K/day) awaits its first official payment on Oct 3. What cannot: a same-week price-to-revenue multiple — the historical circulating-supply series is not publicly available. At the current snapshot (re-verified Sep 14: $17.7B market cap, $12.9M weekly fees) the ratio is ~26x on trailing inputs; see the Sep 7–13 report for that table.
Watching next week
- The fee floor: $16.5M is now the number that separates "normalization" from "downtrend". A fourth decline below ~$14M would start to test the pre-spike baseline ($8–9M).
- The $89.60 record: acceptance above $90 reopens discovery; a rejection frames a triple-top structure ($83.46, $86.73, $89.60).
- OI direction: at ~$14.4B platform-wide the stock is holding near cycle highs. If it starts following fees down, the divergence resolves bearishly.
- Sep 29 unlock: ~14.18M HYPE scheduled — the third release in a month, and the largest of the three.
Frequently asked questions
Why are some metrics marked "not verifiable" instead of estimated?
Because an estimate without a source is just a number. Open-interest history, funding history, staking totals and address counts matter, but no public API publishes them as time series. Rather than print plausible-looking values, this report leaves them blank and names them.
Which sources does this report use?
Two public APIs: the Hyperliquid official info endpoint (prices, candles, and — at snapshot time — OI and funding) and DefiLlama (fees, TVL). Release schedules, burn tallies and estimates come from dated third-party reports (MoneyCheck, AInvest, ETHNews, CoinPost), attributed inline and graded Partial or Modeled in the table.
Is a fee decline in a record week bearish?
It is a divergence, and divergences resolve in one of two ways. The benign resolution: fees were a squeeze artifact normalizing toward a higher baseline, and price is correctly re-rating the machine (unlock absorption, buybacks, new revenue streams). The malign one: activity is genuinely fading and price is ahead of it. The next two fee prints — against OI and TVL — are the referee.
How does the $89.60 record relate to August's records?
It is the third in a staircase: $83.46 (Aug 23), $86.73 (Aug 27), $89.60 (Sep 6) — roughly +7% cumulative over the fortnight, each print landing in a heavier supply week than the last. Two unlocks (~$2B combined) were absorbed along the way.
Is this financial advice?
No. This is data analysis for informational purposes. Nothing here is a recommendation to buy, sell or hold HYPE or any other asset.