Hyperliquid has emerged as a pivotal force in decentralized finance (DeFi), uniquely positioning itself across both the infrastructure and application layers of the crypto ecosystem. With its native token HYPE now being adopted by traditional financial firms as a strategic reserve asset—joining elite company like BTC, ETH, and SOL—the protocol is no longer just another decentralized exchange. It's evolving into a foundational piece of digital asset financial infrastructure.
This transformation is driven by two powerful mechanisms: the Builder Code revenue engine and a robust token buyback model that underpins HYPE’s valuation. Let’s explore how Hyperliquid achieves this dual-layer dominance and what it means for the future of on-chain trading.
Builder Code: Fueling Growth at the Infrastructure Layer
At the heart of Hyperliquid’s expansion lies Builder Code, an on-chain mechanism that allows third-party developers to earn fees by routing user trades through Hyperliquid’s infrastructure.
As defined in official documentation:
"The Builder Code allows developers to charge a fee for filled orders placed on behalf of users. Each order can be individually set up with a Builder Code for maximum flexibility. Users are required to set an acceptable maximum fee for each developer, and the authorization can be revoked at any time."
In practice, this means any application—whether a wallet, trading interface, or DeFi platform—can integrate Hyperliquid’s spot and perpetual contract markets and earn revenue based on trading volume. Users must pre-approve the fee structure, ensuring transparency and control.
👉 Discover how decentralized platforms are monetizing through innovative infrastructure integrations.
How Much Can Developers Earn?
- Perpetual contracts: Up to 0.1% fee per trade
- Spot trading: Up to 1% fee per trade
While 1% may seem high compared to traditional exchanges, it reflects the premium for accessing long-tail assets and streamlined deployment. As more niche tokens launch on Hyperliquid, these fees become increasingly viable—mirroring success stories like Axiom on Solana, which generates over $1 million daily from interface fees alone.
Currently, Builder Code has generated nearly $9.5 million in total revenue, signaling strong early adoption.
Who’s Leading the Builder Code Ecosystem?
Among the growing cohort of builders, one name stands out:
- @pvp_dot_trade: The top earner with $7.2 million in cumulative revenue
- Over 22 active developers now contributing to the ecosystem
- Emerging players like @okto_web3, already earning $662,000 and expanding beyond Hyperliquid-native users
But the real shift lies in the type of applications entering the space. While early adopters were crypto-native interfaces, newer entrants like Liquid and Lootbase are targeting mainstream audiences with user experiences akin to Robinhood—simple, intuitive, and accessible.
This trend suggests a future where large-scale fintech platforms leverage Hyperliquid not as a competitor, but as permissionless trading infrastructure.
The Future of Trading: Infrastructure-as-a-Service
Hyperliquid isn’t just a DEX—it’s becoming a trading infrastructure layer, enabling others to build without reinventing the wheel.
Instead of building their own order books or liquidity pools, platforms can:
- Deploy new tokens via Hyperliquid’s spot listing framework
- Utilize upcoming governance proposals like HIP-3 for decentralized asset launches
- Integrate Builder Code to capture fees directly from user activity
This model drastically reduces time-to-market and technical overhead. For companies with strong user bases but limited blockchain expertise, it’s a game-changer.
👉 See how next-gen fintech platforms are leveraging blockchain infrastructure for rapid scaling.
Could Robinhood Join This Trend?
Consider this: In January 2025 alone, Robinhood processed:
- $144.7 billion in stock volume
- 166.6 million options contracts
- $20.4 billion in crypto trading
If Robinhood wanted to expand its crypto offerings quickly, integrating Hyperliquid via Builder Code would allow it to:
- Launch new token trading instantly
- Avoid costly backend development
- Capture interface fees with minimal investment (e.g., ~1 million HYPE)
This isn’t speculation—it’s a plausible evolution of how traditional finance meets DeFi: not by competing, but by integrating.
HYPE Token Valuation: Anchored in Real Cash Flows
While Builder Code powers growth at the application layer, HYPE serves as the economic backbone at the infrastructure level. Its value is reinforced by one of the most transparent and consistent buyback models in DeFi.
The Buyback Engine
Based on 30-day on-chain data (as of June 16, 2025):
- Average daily buyback: $1.63 million
- Quarterly buyback extrapolation: $146.4 million
These funds are used to repurchase and burn HYPE tokens, reducing supply and increasing scarcity over time—a mechanism familiar to investors in public equities.
Valuation Framework: Lessons from Traditional Finance
To assess HYPE’s fair value, we compare its buyback behavior to traditional sectors using the market cap / quarterly repurchase multiple.
| Sector | Average Multiple | Characteristics |
|---|---|---|
| Tech Giants (e.g., NVIDIA, Google) | 296x | High growth, innovation-driven |
| Payment Processors (e.g., Visa, Mastercard) | 177x | High margins, strong network effects |
| Banking (e.g., JPMorgan) | 73.3x | Regulated, slower growth |
Hyperliquid aligns most closely with payment processors:
- Revenue tied directly to transaction volume
- Scalable infrastructure with low marginal costs
- Growing network effects as liquidity increases
Using the 177x payment industry multiple:
$146.4 million × 177 = **$25.9 billion implied valuation**
At current circulating supply, this translates to a target price of **~$76 per HYPE**—a **72% upside** from the $44 reference price at publication.
Why This Valuation Is Conservative
It’s important to emphasize: this estimate is deliberately cautious.
Key Limitations of the Model:
- ❌ Excludes HYPE’s utility as a Layer-1 native asset
- ❌ Does not account for future governance rights or staking rewards
- ❌ Based solely on past 30-day performance, ignoring projected growth
- ❌ Uses industry averages rather than premium tech multiples
In other words, $25.9 billion isn’t a ceiling—it’s a floor supported by verifiable cash flows.
Frequently Asked Questions (FAQ)
Q: What is Builder Code and how does it work?
Builder Code is an on-chain mechanism that allows developers to earn fees when users trade through their interface on Hyperliquid. Users approve a maximum fee rate per developer, maintaining control while enabling monetization.
Q: How does Hyperliquid generate buybacks for HYPE?
The protocol uses a portion of its revenue to buy back HYPE tokens from the open market and burn them, reducing supply and increasing long-term value accrual.
Q: Why compare Hyperliquid to Visa and Mastercard?
Because both are high-margin financial infrastructures whose revenue scales with transaction volume and network effects—making them ideal analogs for valuation purposes.
Q: Can non-crypto companies really use Hyperliquid?
Yes. Platforms like Robinhood could integrate Hyperliquid via Builder Code to offer crypto trading instantly, avoiding years of development and millions in costs.
Q: Is the $76 HYPE price target realistic?
Given current buyback rates and conservative sector comparisons, yes. If adoption accelerates or additional utilities emerge, the target could rise significantly.
Q: How many developers are currently using Builder Code?
Over 22 developers are actively building on the system, with @pvp_dot_trade leading at $7.2 million in earnings.
Final Thoughts: A Dual-Layer Powerhouse
Hyperliquid stands at a rare intersection: it operates both as a user-facing trading platform and a foundational infrastructure layer. Through Builder Code, it empowers third-party innovation; through HYPE buybacks, it ensures sustainable value accrual.
As more institutions recognize HYPE as a reserve asset and mainstream platforms explore integration opportunities, Hyperliquid isn’t just participating in DeFi’s evolution—it’s shaping it.
👉 Explore how next-generation protocols are redefining digital finance with sustainable tokenomics.
With a clear monetization path, real cash flows, and growing ecosystem momentum, Hyperliquid’s $25.9 billion valuation isn’t speculative—it’s data-driven, conservative, and poised for expansion.