According to an onchain perpetuals market research report by Castle Labs, Hyperliquid's cumulative protocol revenue has exceeded $1.4 billion, with over $1.26 billion spent on open-market HYPE buybacks. The report notes that Hyperliquid holds over 56% of the onchain perpetuals market by open interest. Its Builder Codes mechanism allows third-party wallets and apps to integrate perpetuals trading and earn revenue, with Phantom earning over $25 million and MetaMask over $10.5 million through this mechanism.