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HYPE Castle Labs reports: Hyperliquid's cumulative agreement revenue exceeds US$1.4 billion
According to the on-chain perpetual contract market research report released by Castle Labs, Hyperliquid's cumulative agreement revenue has exceeded the US$1.4 billion mark. The report also disclosed that the platform has invested more than US$1.26 billion in the open market to repurchase HYPE tokens. This data highlights the platform's huge scale and intensity in token repurchase.
These financial indicators reflect Hyperliquid's growing influence in the decentralized derivatives trading space, especially in the perpetual contract market. Unlike traditional futures, perpetual contracts have no expiration date and can hold positions for a long time as traders meet margin requirements. Reported revenue and repurchase data fully demonstrate the huge level of financial activity within the Hyperliquid trading ecosystem.
Dominance: Hyperliquid controls more than 56% of the open interest of on-chain perpetual contracts.
Castle Labs reports that Hyperliquid accounts for more than 56% of the Open interest of the on-chain perpetual contracts market. Open interest volume is a key indicator of the value of outstanding or settled derivatives positions and is widely used to assess market trading activity and participation. With more than half of the market share, Hyperliquid occupies a pivotal position in the field of decentralized sustainable futures trading.
需要注意的是，未平仓合约量并不等同于交易量或收入，这三者分别衡量了市场活动的不同维度。结合最新的协议收入数据与未平仓合约份额来看，Hyperliquid 在该领域已建立起坚实的市场基础。
生态扩展：Builder Codes 为 Phantom 和 MetaMask 带来巨额收益
除了自身的交易平台外，Hyperliquid 还通过名为“Builder Codes”的功能进一步拓展了其生态系统。该机制允许第三方钱包和应用集成 Hyperliquid 的永续交易基础设施，而无需自行开发复杂的交易系统。通过这些集成，应用程序可以为用户提供交易功能，并从中获得收入分成。
据 Castle Labs 统计，Phantom 通过 Builder Codes 已获得超过 2500 万美元的累计收入，而 MetaMask 也从中获得了超过 1050 万美元的收益。这些数据表明，Hyperliquid 的基础设施不仅服务于其主界面，更有力支持了广泛的商业活动。
综上所述，随着 Hyperliquid 协议收入突破 14 亿美元、大规模的 HYPE 代币回购以及第三方集成带来的数百万美元收益，Castle Labs 的报告突显了该平台在链上衍生品交易中不断扩大的角色与影响力。
