Hyperliquid Weekly Data Report — Week of September 21–27, 2026

Every metric below was fetched from a public API — the Hyperliquid official endpoint, DefiLlama, published venue tallies — on September 28, 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 printed a record $98.00 and closed $91.72, −2.2%; platform open interest reached $17.01B; and protocol fees for the full seven days totalled $19.46M (Sep 21–27). The seventh print, Sunday Sep 27, published at $1.75M shortly after this report’s Sep 28 fetch, lifting the six-day $17.71M that was current at fetch time to the full-week $19.46M.

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. Rows 20 and 21 are third-party tallies, labeled as such: no public endpoint publishes the burn ledger or a year-to-date revenue series, and they are not interchangeable with row 15.

The five-week chain

Seven-day total; Sep 27 ($1.75M) published post-fetch. W5 revised to $19.34M by the data provider after this report’s W5 publication.

The shape: a late-August breakout, two weeks consolidating under the $89.60 record, one −12.1% down week, a +21.3% reclaim, and now a place-holding week that printed the highest high and the highest low of the entire five-week window. The $89.77 low is the important structural change — it is 19.6% above the $75.15 low from the week before, which means the week that followed the record did not come close to retesting the level that the rally had launched from. The five-week fee total is ~$87.6M across the window, and the five-week price range is $75.15–$98.00.

Inside the week: the daily path

Two structural notes on the daily pattern. First, the week's shape is a single up-leg followed by five distributions: Tue Sep 22's +3.3% is the only session that added meaningfully, and the record high four sessions later was never matched by a close near it. Second, fee prints decoupled from price direction at the top — Monday's $4.65M was the largest single-day print since early August, and it printed on a +0.4% day, while Tuesday's +3.3% session produced only $3.08M. The fee line responds to how much a move is traded, not to how large it is, and Monday's print looks like the fee cost of positioning into a record rather than the revenue of one.

The same seven days for BTC and ETH

Read across, and this is the week's most uncomfortable fact for HYPE holders: on Monday, the one session when the market ripped, HYPE did not participate. BTC added +6.7% and ETH +5.0% on Sep 21; HYPE added +0.4%. The token's own gains then came on the next day, in isolation, and were fully returned by Wednesday. Weekly totals on the Sunday-close clock: HYPE −2.2%, BTC +4.0% ($81,221 → $84,437), ETH +1.6% ($2,646 → $2,688). The week's high and low say the same thing in the other direction — BTC's $87,471 high and $80,888 low bracket a steady climb, while HYPE's $98.00 high and $89.77 low bracket a round trip.

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 Sep 28:

The largest builder books this week: SP500 ($352.4M), SKHX ($330.7M), GOLD ($275.5M), SILVER ($237.8M), SKHY ($191.9M), XYZ100 ($186.2M), MU ($155.6M) and BRENTOIL ($148.0M) — a list that is almost entirely equities, metals and energy, i.e. the non-crypto side of the builder stack. Builder markets held 23.1% of platform open interest ($3.93B of $17.01B), down from 23.5% a week earlier — the second consecutive weekly decline in that share, both driven by the core book growing faster than the builder stack rather than by builder OI falling. Five of the ten registered builders have live markets; the other five 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 of $8.4–8.8B measure a different, narrower set.

Valuation arithmetic on verified inputs

From verified inputs only. Market cap at the weekly close ($91.72 × 222.446M circulating) is $20.40B. The seven-day fee total is $19.46M; annualised at 52 weeks that is a $1.01B run-rate, and the 30-day base ($69.3M × 52 ÷ 4.33) annualises to $0.83B. On fully diluted supply of 955.3M the same market value is $87.6B.

The multiple is now ~20.2x on the full seven-print basis — essentially unchanged from last week’s ~20.3x (W5, also seven prints). The 22.2x figure shown at fetch time was a missing-print artifact: it used only six of seven days on the numerator. The resolved 7-day multiple is marginally tighter than last week, not wider. Any single multiple quoted without its fee window is unfalsifiable; this table exists to make that point rather than to make a forecast. 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:

• Sep 27 daily fee — resolved. DefiLlama published the final daily print ($1.75M) shortly after this report’s Sep 28 fetch. The full seven-day total is $19.46M, +0.6% versus W5’s $19.34M (both seven-print; W5 itself a small upward back-fill from the $19.25M published on Sep 21). The six-day $17.71M and the 22.2x multiple shown at fetch time were missing-print artifacts; the resolved 7-day multiple is ~20.2x, marginally tighter than W5.
• Open interest — two constructions, both printed. This report's $17.01B sums every live market on the platform ($13.08B core + $3.93B builder) from the API. Third-party reporting during the week cited $8.4–8.8B, a figure that tracks closely with the venue's largest handful of books (its top three — BTC $3.14B, ETH $2.93B, HYPE $1.86B — already sum to $7.93B). Neither is an error; they are different measures, and quoting one under the other's label is how a $9B platform gets described as an $18B one.
• Circulating supply — venue divergence. CoinGecko and CoinPaprika both put circulating supply at 222.4M, which is the basis for row 5's $20.4B market cap. Some exchange tickers list 251.2M and quote ~$23.4B. The difference is a definition of circulating supply, not of price, and it is why HYPE's market-cap rank varies by source this week.
• All-time high — venue dispersion, much tighter than last week. The Hyperliquid candle series printed $98.00 on Sep 23; same-day coverage cited $97.96 and $97.95, and an intraday column on Sep 22 recorded $96.68 for a print that occurred earlier in the run. The spread is now roughly 1.4% between the highest and lowest record figures, against 4.0% a week ago, because the record was set in one liquid session rather than across two thin ones.
• Resolved from last week: the HYPE perp open-interest and funding readings labelled "snapshot-time variance" in the previous report are this week replaced by single dated measurements, and the W5 fee figure now reads $19.34M on a full re-read against the $19.25M published on Sep 21 — a 0.5% back-fill by the data provider, disclosed rather than silently updated.

Frequently asked questions

Related reading

• Hyperliquid Weekly News Review — Week of September 21–27, 2026
• Weekly Intelligence — Week of September 21–27, 2026
• HYPE Market Intelligence — Week of September 21–27, 2026
• Sell the News: HYPE's Record, the Binance Listing, and the 4.6% Answer