The Hyperliquid HYPE token
Native token of the Hyperliquid L1: used for gas, staking, and governance. Launched November 2024 with a 1B total supply.
EVENTCODE· No sign-up · One wallet connection · Applied before your first trade
HYPE token basics
| Launch | November 2024 |
|---|---|
| Total supply | 1B HYPE |
| Distribution | 31% initial user airdrop; ~70% to the community overall |
| VC / presale | None |
| Uses | HyperEVM gas, staking (fee discount + rewards), governance |
No VCs, ~70% of supply to the community
Hyperliquid was built without VC funding or a presale. At launch, 31% of total supply went to early users as an airdrop, and cumulatively about 70% of supply is earmarked for the community.
The initial airdrop was one of the largest of its cycle.
Supply shrinks as volume grows: buyback-and-burn
A meaningful share of exchange fees flows to the Assistance Fund (0xfefe…fefe), which automatically purchases HYPE from the market and permanently burns it. Burned HYPE is removed from both circulating and total supply.
As trading volume grows, HYPE supply is reduced. Market price still moves with market conditions — check live sources for current levels.
Movement, lockup, unstaking
Move & delegate
Spot → staking balance is instant. Validator delegation has a 1-day lockup.
Unstake
Staking → spot uses a 7-day queue. Up to 5 pending withdrawals per address.
Rewards
Accrued per minute, distributed daily, auto-compounded. No auto-slashing currently.
Staking-based fee discounts have six tiers, from 10 HYPE (5%) to 500,000 HYPE (40%). Full table on the fees page.
How to buy HYPE
The most common route is buying HYPE directly on Hyperliquid's spot market. Availability on other venues varies over time. After signing up and depositing USDC, buy HYPE via spot trading.
Apply the 4% discount before buying too
Spot buys receive the same 4% discount as perps.
EVENTCODEThe 4% discount only applies if the code is entered before your first trade.