Hyperliquid Weekly Data Report — Week of September 7–13, 2026
Every metric below was fetched from a public API — the Hyperliquid official endpoint, DefiLlama, CoinPaprika — on September 14, 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 (staking totals, weekly liquidations, per-address activity), the table says so rather than estimating. The week in one line: HYPE closed $77.26, −12.1%, the fee run-rate fell a fourth straight week to $12.9M, and open interest held at $10.3B.
The verified metrics
| # | Metric | Reading | Source | Note |
|---|---|---|---|---|
| 1 | HYPE price (Sep 13 close) | $77.26 | Hyperliquid candles | −12.1% WoW ($87.94 → $77.26) |
| 2 | Weekly high / low | $88.31 / $76.59 | Hyperliquid candles | High printed Monday, low on Saturday |
| 3 | All-time high (intraday) | $89.60 | Hyperliquid candles | Sep 6; the close sits −13.8% below it |
| 4 | Spot price (Sep 14, ~07:00 UTC) | $79.78 | CoinPaprika | +3.3% off the Sunday close; −7.6% on 7 days |
| 5 | Market cap | $17.7B | CoinPaprika | Rank #11 across all crypto assets |
| 6 | Circulating supply | 222.4M | CoinPaprika | Of 955.3M total; 1B max supply |
| 7 | Token volume (24h) | $208M | CoinPaprika | +32.6% day-over-day |
| 8 | Perp open interest (total) | $10.32B | Hyperliquid API | ~Third-largest perp venue (Galaxy Research) |
| 9 | Perp OI (HYPE book) | $1.67B | Hyperliquid API | 20.88M HYPE × mark $79.73 |
| 10 | Perp volume (24h) | $4.39B | Hyperliquid API | All 178 markets; 7d total has no public endpoint |
| 11 | Perp markets listed | 178 | Hyperliquid API | Excludes delisted |
| 12 | HYPE funding (8h) | 0.010% | Hyperliquid API | 0.0000125%/hr; premium slightly negative |
| 13 | Protocol fees (7d) | $12.9M | DefiLlama | 4th straight weekly decline (−22% WoW) |
| 14 | Protocol fees (30d) | $76.1M | DefiLlama | 7d run-rate annualizes to ~$0.67B |
| 15 | Implied buyback capacity (7d) | ~$12.8M | Derived | ~99% of revenue to AF (third-party estimate) × fees |
| 16 | USDC reserve-yield share (est.) | ~$160M/yr | Galaxy Research | ~90% of USDC reserve yield to the protocol (AQA deal) |
| 17 | TVL — Hyperliquid L1 | $6.28B | DefiLlama | Week ranged $6.28–6.44B; Sunday close $6.33B |
| 18 | TVL — Arbitrum bridge | $0.42B | DefiLlama | Down from $6B peak (2025) post native-USDC mint/redeem |
| 19 | Total TVL | $6.71B | DefiLlama | L1 + bridge |
| 20 | HIP-3 OI (builder markets) | ~$4B | Galaxy Research | Equities, commodities, indices, pre-IPO; ~40% of total OI |
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.
The four-week chain
| Week | Close | High | Low | Fees (7d) | TVL L1 (close) |
|---|---|---|---|---|---|
| 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 |
| Sep 7–13 | $77.26 | $88.31 | $76.59 | $12.9M | $6.33B |
The shape: a +44% breakout week in late August, two weeks of consolidation under the $89.60 record, then the first full down week — −12.1% — while fees traced the same arc down a week behind the price. The four-week fee total is $75.2M; the four-week price range is $57.02–$89.60.
Inside the week: the daily path
| Date | Close | Δ | Protocol fees (day) |
|---|---|---|---|
| Mon Sep 7 | $85.18 | −3.1% | $1.83M |
| Tue Sep 8 | $85.12 | −0.1% | $2.35M |
| Wed Sep 9 | $83.52 | −1.9% | $2.32M |
| Thu Sep 10 | $78.52 | −6.0% | $2.81M |
| Fri Sep 11 | $79.39 | +1.1% | $1.44M |
| Sat Sep 12 | $79.64 | +0.3% | $0.73M |
| Sun Sep 13 | $77.26 | −3.0% | $1.36M |
One structural note on the daily pattern: Thursday's −6.0% break was the week's only large single-day move, and the fee peak ($2.81M) landed on that same day — volatility, not direction, is what the fee line tracks. The weekend fee trough is a standing weekly rhythm, not a signal.
The same seven days for BTC and ETH
| Date | HYPE Δ | BTC close | BTC Δ | ETH close | ETH Δ |
|---|---|---|---|---|---|
| Sep 7 | −3.1% | $79,072 | −1.5% | $2,489 | −1.0% |
| Sep 8 | −0.1% | $78,417 | −0.8% | $2,484 | −0.2% |
| Sep 9 | −1.9% | $78,275 | −0.2% | $2,467 | −0.7% |
| Sep 10 | −6.0% | $76,533 | −2.2% | $2,437 | −1.2% |
| Sep 11 | +1.1% | $77,180 | +0.8% | $2,515 | +3.2% |
| Sep 12 | +0.3% | $77,248 | +0.1% | $2,525 | +0.4% |
| Sep 13 | −3.0% | $76,810 | −0.6% | $2,476 | −1.9% |
Read across, the week's −12.1% decomposes into one HYPE-specific session and six market-driven ones. Thursday Sep 10 is the outlier: HYPE −6.0% against BTC −2.2% and ETH −1.2% — roughly three times and five times the majors' moves, on the same day the fee print peaked ($2.81M). The other six days track the majors within a few points either way, and the Friday bounce is the sharpest contrast: ETH +3.2%, BTC +0.8%, HYPE only +1.1%. Weekly totals on the Sunday-close clock: HYPE −12.1%, BTC −4.4% ($80,314 → $76,810), ETH −1.6% ($2,515 → $2,476).
Valuation arithmetic (not a forecast)
From verified inputs only: a $17.7B market cap against a $0.67B annualized fee run-rate is a ~26x price-to-protocol-revenue multiple on circulating supply; against the $79.8B fully-diluted value it is ~119x. Add the estimated ~$160M/yr of USDC reserve-yield revenue and the blended run-rate approaches $0.83B/yr (~21x circ / ~96x FDV). These are arithmetic restatements of the table above, not price targets — the multiple is set by the market, the inputs are set by the APIs.
Watching next week
- The fee series: a fifth straight decline would put the run-rate below $10M/week; a rebound above $16.5M (the W3 print) would frame the last month as a volatility cycle rather than a downtrend.
- Whether OI follows fees: at $10.32B the stock is still holding. If open interest breaks lower next week, the unwind is graduating from flow to stock.
- The $76.59 line: the week's low is now the nearest reference; Monday's bounce to ~$79.78 has to hold above it to keep the range intact.
- USDC AQA ramp: any disclosure of actual reserve-yield payments — the ~$160M/yr figure is an estimate, and the AF ledger is where it would eventually show.
Frequently asked questions
Why are some metrics marked "not verifiable" instead of estimated?
Because an estimate without a source is just a number. Staking totals, HLP returns, AF purchases and address counts matter, but no public API publishes them as of this writing. Rather than print plausible-looking values, this report leaves them blank and names them, so readers know exactly what is and isn't known.
Which sources does this report use?
Three public APIs: the Hyperliquid official info endpoint (prices, candles, OI, volume, funding), DefiLlama (fees, TVL), and CoinPaprika (supply, market cap, rank). Structural context comes from Galaxy Research's Hyperliquid coverage. Raw responses are archived with fetch timestamps.
Is the −12.1% close consistent with the −7.6% 7-day change?
Yes — they measure different windows. The weekly close compares Sunday to Sunday ($87.94 → $77.26). The −7.6% 7-day change (CoinPaprika, read Monday morning) compares to this exact moment last Monday, when HYPE traded near $86.3 intraday. Both are correct on their own clocks.
How is the ~26x multiple calculated?
Market cap ($17.7B) divided by the trailing-7-day fee run-rate annualized ($12.9M × 52 ≈ $0.67B). It is a price-to-revenue multiple on protocol fees, not earnings guidance; the USDC yield estimate is included only in the blended variant and labeled as an estimate.
What happened to the protocol health score?
Removed. A composite score mixes verifiable inputs with unverifiable weights; now that every figure here is API-traced, a hand-weighted score would be the least verifiable number in the report. The raw metrics carry the story on their own.
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.