Hyperliquid Labs Unstakes $31M in HYPE Tokens for Team Distribution
Hyperliquid Labs, the team behind the decentralized perpetual platform , confirmed in a recent announcement that it plans to unlock additional HYPE tokens designated for team distribution.
According to details shared in the , 1.2 million HYPE tokens, worth roughly $31 million, are scheduled to be unstaked and distributed to team members on January 6, the confirmed unlock date.
Iliensinc, a co-founder of Hyperliquid, noted in the release that any future unlocks, if approved, will consistently be scheduled for the 6th of each month.
HYPE’s price reaction has remained largely muted since the announcement went live. The token opened the day at around $25.34 and briefly rallied to a high of $26.30 before consolidating within that range. CoinMarketCap data shows that HYPE’s price increased by 0.26% over the past 24 hours.
Protocol Metrics Point to Stable Network Health
Hyperliquid’s on-chain metrics continue to show relatively strong health, suggesting that the market may be absorbing the newly added HYPE supply without significant disruption.
Data from DeFiLlama that the protocol delivered solid performance throughout the fourth quarter across several key metrics. The platform recorded earnings of $251.83 million, representing protocol revenue later than incentives, while cumulative earnings now stand at approximately $848 million.
over the past 30 days reached $4.84 billion, with the protocol recording $662.97 million in volume over the past seven days and $97.25 million in the last 24 hours.
Despite these figures, the protocol is still stabilizing following the liquidation event on October 10, which marked the beginning of the fourth quarter. That drawdown pushed some users out of the market, with trading fees falling to roughly $810,000 in the past 24 hours.
Hyperliquid has continued to execute its token purchaseback program, which aims to reduce the circulating supply of HYPE. To date, the purchaseback mechanism has reached approximately $2.95 billion, cutting total supply by about 13% and assisting to limit trade-side pressure in the market.
Open Interest Dominance Sets Hyperliquid Apart
While Hyperliquid remains competitive, it still trails some perpetual platform protocols in overall trading volume.
Currently, the protocol ranks third in perpetual volume, behind at $4.48 billion and Lighter at $2.51 billion, with Hyperliquid recording $1.84 billion.
However, Hyperliquid leads the market in open interest, a metric that reflects the total value of outstanding contracts on the platform. The protocol holds $7.35 billion in open interest, significantly ahead of both Aster and Lighter.
This dominance suggests that a large share of active traders continues to concentrate activity on Hyperliquid. Sustained usage could provide upside for HYPE, particularly as circulating supply continues to decline.
