Hyperliquid cumulative protocol revenue tops $1.4B, over $1.26B used to buy back HYPE

The composition matters more than the total: nearly nine-tenths of revenue still comes from native perpetuals, so Hyperliquid's economics remain a single-product story despite the spot, HIP-3 and HyperEVM line items. Routing the large majority of that revenue into HYPE buybacks concentrates the protocol's value capture in its own token, which amplifies the link between trading activity and token demand in both directions. Whether the non-perp categories grow into meaningful diversification, and whether buyback intensity is sustained if perp volumes cool, are the open questions.