Breaking Down Hyperliquid’s $6.7 Billion in Deposits

Hyperliquid has about $6.7 billion in total value locked, or TVL. In simple terms, TVL is the value of assets deposited across the platform. About 97 percent of this amount comes from its bridge, where traders deposit collateral before they trade.

Smaller amounts are held in HLP (Hyperliquid Liquidity Provider vault), which provides liquidity and handles liquidations, and in open orders on the Spot Orderbook. These figures are tracked separately and do not add up neatly because some balances may overlap. They are also different from the fees and buybacks covered in our earlier Hyperliquid tokenomics breakdown.

Hyperliquid TVL Breakdown

Hyperliquid’s total value locked includes assets held across several products. Breaking the $6.7 billion total into its main parts shows what the figure represents.

• Hyperliquid Bridge, about $6.5 billion: Traders use the bridge to move funds from Arbitrum to Hyperliquid. These funds belong to traders and are deposited as collateral for trading. They are not owned or invested by the protocol.

• Hyperliquid HLP, about $188 million: HLP is a depositor-funded vault used to provide liquidity and manage liquidations. Because the funds are actively used for trading, depositors can make or lose money.

• Hyperliquid Spot Orderbook, about $174 million: This figure measures user funds placed in open spot orders. The assets remain locked until the orders are filled or cancelled.

Hyperliquid Fees, Buybacks and HYPE Price

Since June 1, Hyperliquid’s fees, token buybacks and HYPE price have moved in different directions.

• Fees have increased: Daily fees rose from $1.48 million to $3.26 million. Hyperliquid generated $65.37 million in fees over the past 30 days. If that monthly pace continued for a full year, fees would reach about $784 million. This is only an estimate based on recent activity. Our analysis of the top DeFi protocols by revenue shows how Hyperliquid compares with other major platforms.

• Buyback spending has slowed: Hyperliquid uses part of its revenue to buy back HYPE. The average amount spent each day has fallen from about $3.15 million in Q3 2025 to roughly $1.42 million so far in Q3 2026. The daily average has declined each quarter during that period.

• The HYPE price remains high: HYPE continues to trade near its all time high despite the slowdown in buyback spending. This means the token price and buyback activity are moving in different directions. Our Hyperliquid tokenomics and buybacks breakdown explains this trend and the questions surrounding 578 million HYPE tokens that are not clearly tracked.

How HYPE Buybacks Work and Why They Have Slowed

HYPE buybacks happen automatically through the Assistance Fund, which uses most eligible trading fees to purchase the token. Buyback spending has slowed because Hyperliquid is generating less fee revenue than it did at its Q3 2025 peak, leaving less money available for purchases. The process remains automatic, although the rules that determine how fees are allocated can be changed.

The daily buyback rate has fallen by about 55 percent since Q3 2025. This points to lower fee generation rather than a pause or manual change to the buyback process. The latest fee routing methodology is available in the Hyperliquid protocol data.

Conclusion: What This Means

Hyperliquid’s $6.7 billion TVL is a real figure, but it needs context. Most of the total is collateral deposited by traders through the bridge. It is not money owned or invested by Hyperliquid.

The other figures measure different activities. HLP contains depositor funds used by the protocol to provide liquidity and manage liquidations. The Spot Orderbook measures user assets waiting in open orders. These balances should be viewed separately rather than combined into one alternative TVL figure.

Understanding these differences can help readers analyse Hyperliquid without relying on a single headline number. The Coinjuice trading ebook explains how to assess market information before committing capital. More protocol research is available through the Coinjuice pricing page.