Hyperliquid has generated over $1.4 billion in cumulative protocol revenue as of October 7, according to Castle Labs data. Native perpetual contracts account for the vast majority of earnings at $1.2 billion, representing 88.7% of total revenue, while spot trading contributed $50.1 million (3.6%) and HIP-3 perpetuals added $29.2 million (2.1%). Additional revenue streams include auctions, USDC reserve yields, and HyperEVM gas fees. Over $1.26 billion of the accumulated revenue has been allocated to HYPE token buybacks, demonstrating significant capital return to the ecosystem through its primary revenue mechanism.