Hyperliquid Weekly Data Report — Week of October 5–11, 2026

Every metric below was fetched from a public API — the Hyperliquid official endpoint, DefiLlama, published venue tallies — on October 12, 2026, and the fetch is archived with a timestamp. This report prints only what a public source can verify: where a commonly cited metric has no public API, the table says so rather than estimating, and where a widely quoted figure uses a different construction, both are printed and named. The week in one line: HYPE closed $86.65, −4.3%, in a week split cleanly in two — a Monday push to $94.23 that the Tuesday-to-Friday liquidation cascade undid, bottoming at $82.58 on October 8 before a two-day recovery into the weekend; platform open interest stood at $16.04B; and protocol fees totalled $15.89M across the six daily prints available at fetch time — the October 11 print had not yet posted, a first for this report, and the ledger says exactly what that does and does not mean.

The verified metrics

Not verifiable via public API (printed as unavailable, not estimated): staked HYPE and staking APY, HLP vault TVL and return, Assistance Fund weekly USD purchases and cumulative ledger, weekly liquidations, 7-day perp volume, spot 7-day volume, active addresses, transaction count, HIP-3 weekly volume share as a single published series, the October 11 fee print, and the exact token count of the Oct 29 unlock (the schedule publishes its market-cap share, not a headcount, until it lands). Rows 20 and 21 are third-party tallies, labeled as such: no public endpoint publishes a buyback ledger, and the $1.4B revenue figure is a research-house estimate, not an API field.

The week in one row

*The Oct 5–11 fee cell sums six daily prints: the October 11 print was not yet published at fetch time, so it is understated by roughly one day's revenue — see ledger.

The shape: the week expanded its range in both directions and then closed near the middle of it. It printed its high of $95.34 on Monday Oct 5 and its low of $82.58 on Thursday Oct 8 — a 15.5% intraweek span. The close, $86.65, sits near the centre of that span: across seven sessions the market probed the top, failed, flushed the bottom, and reclaimed it.

Inside the week: the daily path

Three structural notes. First, the week front-loaded the buying — a +4.0% Monday that took the token to $94.23 within 1.6% of the record — and then gave it all back and more across four consecutive down sessions. Second, the fee line inverted cleanly: every down day printed more fees than every up day (Oct 7's $3.53M was the week's largest, on a −3.8% session), the classic signature of forced position turnover rather than fresh demand. Third, the bottom was a single-session flush — Oct 8's low of $82.58 was never retested, and the last three sessions closed higher each day.

The same seven days for BTC and ETH

Weekly totals on the Sunday-close clock: HYPE −4.3% to $86.65, BTC −3.2% to $83,729, ETH −7.0% to $2,536. The ordering is the informative part: ETH was hit roughly twice as hard as BTC, and HYPE landed between them — underperforming BTC by 1.1 points and outperforming ETH by 2.7. The single worst session for the whole complex was Wednesday Oct 7, a day before BTC's low, when ETH's −4.6% led and HYPE's −3.8% followed; the cascade's largest single liquidation, a ~$20M ETH position on Hyperliquid itself, is a reminder that this venue is now where the market's biggest forced exits happen.

The HIP-3 builder census, measured

Builder-deployed markets are measured directly from the API's perpDexs and metaAndAssetCtxs endpoints, summed across every registered dex. This week's census, run Oct 12:

The largest builder books this week: SP500 ($373.7M), GOLD ($300.4M), SKHX ($255.8M), XYZ100 ($243.7M), BRENTOIL ($199.0M), SILVER ($151.6M), CL ($142.3M), SKHY ($138.6M), CRCL ($134.7M) and SPCX ($125.3M) — a composition that has now settled into a stable shape: index, metals, energy and semiconductors, with the oil complex (BRENTOIL, CL) holding its size through the week's geopolitical move rather than spiking on it. Builder markets held 22.9% of platform open interest ($3.67B of $16.04B). Four of the ten registered builders have live markets; the other six show zero open interest and zero volume. On the total-OI question, see the ledger below — the platform figure here sums every live market, and widely published figures measure a different, narrower set.

Valuation arithmetic on verified inputs

From verified inputs only. Market cap at the weekly close ($86.65 × 222.446M circulating) is $19.27B. The rolling seven-day fee total is $17.66M; annualised at 52 weeks that is a $0.92B run-rate, and the 30-day base ($83.9M × 365 ÷ 30) annualises to $1.02B. On fully diluted supply of 955.3M the same market value is $82.8B.

The band this week is 18.3x–21.0x. That is the point of printing several windows: a token whose price and whose revenue are both driven by the same trading activity will show a nearly constant multiple across a selloff, and any single quoted figure is a choice of window rather than a measurement. The FDV rows assume all 955.3M outstanding tokens trade at the same price, which is not how unlocks work.

Data quality ledger

Every open item in this report, stated plainly rather than smoothed over:

• This week's fee total is incomplete, and understated. DefiLlama had published six of the window's seven daily prints at fetch time (Oct 5–10, $15.89M); the October 11 print had not yet posted. The sum is therefore understated by roughly one day's revenue. The honest comparison is day-for-day: measured against the equivalent first six days of the preceding week, the change is −1.7%, not the −11.4% a naive comparison of a six-day sum against a seven-day sum would show. If the missing print lands near the week's average daily rate ($2.65M), the full week would print near $18.5M. We print neither the estimate nor the naive comparison as the headline; we will publish the actual reading when the print lands.
• Open interest — two constructions, both printed. This report's $16.04B sums every live market on the platform ($12.37B core + $3.67B builder) from the API. Figures quoted elsewhere that track only the largest books run several billion lower; the core book's top three (BTC $3.22B, ETH $2.83B, HYPE $1.74B) already sum to $7.79B. Neither is an error; they are different measures.
• Circulating supply — unchanged through a 3.75M OTC distribution. CoinGecko still prints 222.4M circulating, the same figure as before the October 6 team distribution, while the vesting schedule released 3.75M tokens that day. The provider's circulating series has not absorbed the release; unlocked and circulating are different ledgers. Some trackers quote the project against a 474.8M "unlocked" base and derive a correspondingly larger market cap. Row 4's $19.27B uses the 222.4M basis.
• All-time high — unchanged, and closer than the weekly close suggests. The record remains $98.00 on the Hyperliquid candle series. The week's high of $95.34 on Monday Oct 5 stayed 2.7% below it before the cascade undid it.
• TVL — snapshot basis. This site prints TVL as a fetch-time snapshot, consistent with the OI and funding rows. On that basis the total is $7.12B ($6.72B L1 + $0.40B bridge). The settled Oct 11 close on the same series is also $7.12B, so both bases agree at this week's end.
• Fetch timing. Price rows are in-window daily closes (Oct 5–11). Open interest, funding, TVL, supply and the 24h volume rows are fetch-time snapshots taken Oct 12, 2026, one day after the Sunday close — the OI and funding series are not stored historically by a public endpoint, so each week's row reflects the measurement date printed beside it.
• The Oct 6 distribution — one block, many market values. The 3.75M HYPE team distribution was reported at $329M, $330M, $337M and $347M across sources on Oct 6–9, purely because the token's price moved between the announcement, the unstaking completion and each publication. None of those figures is wrong; all are market values, and none is the price actually paid, which was not disclosed. A portion (1.25M HYPE) was restaked on-chain after transfer, and the block was routed OTC rather than to the order book.

Frequently asked questions

Related reading

• Hyperliquid Weekly News Review — Week of October 5–11, 2026
• Weekly Intelligence — Week of October 5–11, 2026
• HYPE Market Intelligence — Week of October 5–11, 2026
• Hyperliquid Weekly Data Report — Week of September 28–October 4, 2026