Hyperliquid has been making headlines lately, thanks to growing interest in non-crypto assets (HIP-3) such as trading oil, gold and silver on the platform.
In March alone, HIP-3 volumes accounted for 40% of total daily hyperliquid volumes as the crisis in West Asia dragged on.
However, beneath the surface, HIP-3 is not the only driver of growth. Creation codes or integration with other platforms, such as Phantom wallets and MetaMask, have also seen incredible adoption.
Collectively, HIP-3 and the manufacturer’s codes (third-party ecosystem) now generate $100 million in annual revenue for Hyperliquide – Approximately 19% of total revenue share.
In terms of exchange volumes alone, manufacturer codes represent 10% of total volumes, mainly coming from mobile interfaces.
These are platforms like Phantom, which have plugged Hyperliquid under the hood to strengthen their perp offerings. For each transaction carried out via these integrations, a cost sharing model applies between Hyperliquide and the manufacturer.
According to Ryan Watkins, co-founder of crypto-VC firm Syncracy Capital, both factors have “accelerated adoption” of Hyperliquid.
Impact on HYPE?
Now, what impact does this monstrous adoption have on HYPE value or token holders? Well, since most of the revenue goes to the token buyback program, buying pressure can trigger HYPE to appreciate, especially in a positive macroeconomic environment.
In fact, that’s exactly what happened in the first quarter of 2026. As trading volumes doubled from $40 billion to nearly $90 billion, weekly revenue also doubled from less than $9 million to more than $22 million.
This allowed the HYPE retracement to stabilize around $20, establishing a breakout at $38, marking a whopping 86% rise. After cooling to $25, the second phase took HYPE to $43, a massive 71% rise.
In other words, against a backdrop of positive market sentiment, high adoption provides a flywheel for HYPE and token holders.
What’s next for the HYPE price?
At the time of writing, HYPE had retraced some of its recent gains and traded below $40. But some whales continued to bid as the price retreated, highlighting that some players remained bullish on the altcoin.
Even so, HYPE was back in its H2 2025 price range of $35-$50, and defending the lows of the range could increase the chances of hitting $50.
Final summary
- Non-crypto assets and integration with other platforms now generate $100 million in annual revenue for Hyperliquide
- The mass adoption has been clearly positive for HYPE, and bulls could defend the $35-$50 price range if the trend continues.
