Every new market on Hyperliquid creates another source of demand for HYPE. Hyperliquid routes 97% of trading fees into HYPE buybacks. HIP-3 has widened that base. Equity and commodity perps grew from roughly 1% of platform volume to 38% in five months, with open interest reaching $3.2 billion. HIP-4 extends the model into sports and macro outcomes. Fees from those markets also flow into HYPE buybacks. Hyperliquid’s expansion beyond crypto perps is broadening the revenue base behind HYPE.(Delphi Digital)