Hyperliquid Plans Team Token Unlock as HYPE Price Holds Steady

Hyperliquid Labs, the developer behind the decentralized perpetual exchange Hyperliquid, has confirmed plans to unlock additional HYPE tokens allocated for team distribution.

According to the announcement, 1.2 million HYPE tokens, valued at approximately $31 million, are scheduled to be unstaked and distributed to team members on January 6. Hyperliquid co-founder Iliensinc said any future team token unlocks, if approved, will be scheduled for the sixth day of each month.

Market reaction to the announcement has been limited. HYPE opened near $25.34, briefly rose to $26.30, and then traded within that range. Data from CoinMarketCap shows the token was up 0.26% over the past 24 hours.

On-chain indicators suggest stable network conditions. DeFiLlama data shows the protocol generated $251.83 million in earnings during the fourth quarter, reflecting revenue after incentives. Cumulative earnings have reached about $848 million.

Trading activity remains solid despite recent volatility. Decentralized trading volume totaled $4.84 billion over the past 30 days, including $662.97 million in the past seven days and $97.25 million in the last 24 hours.

The protocol continues to stabilize following a liquidation event on October 10 that led to reduced participation. Trading fees over the past 24 hours were approximately $810,000.

Hyperliquid has also continued its token buyback program to reduce circulating supply. The buyback has reached roughly $2.95 billion to date, cutting total supply by about 13% and helping to limit sell-side pressure.

In terms of market positioning, Hyperliquid ranks third in perpetual trading volume, with $1.84 billion, behind Aster at $4.48 billion and Lighter at $2.51 billion. However, it leads the sector in open interest, holding $7.35 billion in outstanding contracts, well ahead of its competitors.

The high level of open interest indicates continued concentration of active traders on the platform, which could support HYPE’s performance as circulating supply declines.