How HYPE burns, buybacks and AQAv2 are measured
HYPE Engine is an independent dashboard for Hyperliquid Assistance Fund data. It separates observed balances, executed purchases and validator-published rates so that each number can be read with its source, time window and limitations.
Methodology updated . Live observations have their own timestamps on the dashboard.
What does “HYPE burned / non-circulating” mean?
The dashboard reports the observed HYPE balance of the Hyperliquid Assistance Fund with the qualification shown alongside it. This is a balance measurement, not a reconstruction of every historical purchase or a claim that every token was sent to a separate burn address.
The balance can include HYPE sent to the fund by other accounts. It excludes separate mechanisms such as HyperEVM gas burns, so it should not be read as a protocol-wide burn total.
The displayed USD estimate multiplies that HYPE balance by the observed spot price. It is a marked value at that price, not the amount of USDC historically spent on buybacks. Read the balance proof and USD method together when citing the figure.
How are Hyperliquid Assistance Fund buybacks calculated?
Buyback totals use observed Assistance Fund HYPE purchase fills. HYPE bought is the sum of fill sizes. Gross USDC notional is the sum of each fill’s price multiplied by its size, excluding fees. Totals describe the stated observation window, not an all-time total.
- Today UTC
- From UTC midnight to the displayed aggregation cutoff.
- Rolling 24 hours
- The 24-hour interval ending at that cutoff. Its comparison uses the preceding 24-hour interval.
- Rolling 7 days
- The seven-day interval ending at that cutoff.
- Daily history
- Retained observations grouped by UTC day, with partial coverage identified on the chart.
Intervals include their start and exclude their end. The cutoff uses completed five-minute event-time buckets bounded by source coverage. A recent trade can therefore appear in the execution list before it enters an aggregate. The snapshot generation time does not extend the purchase window.
Missing coverage is not zero activity. Incomplete periods are labelled, and a comparison is withheld when its coverage or denominator cannot support it. HYPE Engine does not extrapolate retained history into a lifetime total.
What do the AQAv2 reserve and AQA rate show?
AQAv2 refers to the aligned quote asset mechanism. HYPE Engine displays observed USDC reserve balances and the last validator-published AQA rate it has verified. The Hyperliquid aligned quote assets documentation describes the underlying mechanism.
The technical and treasury reserve balances are separate, contemporaneous observations. Their sum and ratio are calculations over those observations; they are not an atomic same-block proof, and a rebalance can occur between calls.
A published rate is not proof of an amount paid. The dashboard distinguishes the observed rate, schedule and payment evidence, and withholds an obligation or payment amount when the inputs needed to verify it are unavailable. The last observed validator publication is not guaranteed to be the current canonical rate.
Funds are pooled in the Assistance Fund. The available evidence cannot attribute an individual HYPE purchase to AQAv2 rather than another economic input.
How can I verify or cite a dashboard number?
- Open the dashboard and check the snapshot status and the metric’s observation window.
- Open the metric’s proof control to inspect its source, account or transaction identifiers, calculation and limitations.
- Use the source or explorer link when available. The proof link can reopen the relevant record on the dashboard.
- Use Copy citation beside the metric or selected chart day. View citation text also provides the full text for manual copying.
- Keep the metric name, units, UTC interval, snapshot time, source and any coverage or freshness qualifications in the resulting quote.
Proof links open the current available dashboard evidence. They are not permanent archives of a past snapshot. Keep the relevant timestamp and source identifier when recording a historical observation.
How fresh is the data?
The dashboard refreshes a validated snapshot on a five-minute schedule. Source observation times and coverage can lag behind publication time. If a source or refresh fails, a stale or degraded label can accompany the last known good data; a recent page load alone does not establish freshness.
What does a response hash prove?
The evidence distinguishes the original response digest, retained excerpt digest and reconstructed summary. A digest identifies particular bytes when those bytes are available for comparison. It cannot reconstruct an expired response or, by itself, prove blockchain inclusion.
How is use of the dashboard measured?
Optional usage measurement counts dashboard loads and actions such as choosing a chart day, opening a source or copying a citation. When enabled, it records fixed action and campaign categories without visitor identifiers, analytics cookies, wallet addresses or full page URLs.
These counts describe actions, not unique people, repeat visitors or donations. Do Not Track and Global Privacy Control are respected. Add ?analytics=off to the dashboard URL to exclude your checks.
Primary sources
Protocol documentation explains the definitions; individual dashboard proofs identify the observations used for each figure.
- Hyperliquid trading fees — protocol fee context.
- Hyperliquid Info API — account, market and fill observations.
- Aligned quote assets — AQA mechanism and terminology.
- USDC on Hyperliquid — reserve and USDC context.
- HyperEVM JSON-RPC — EVM observation interface.
HYPE Engine is independent and is not an official Hyperliquid service. Its metrics describe observed protocol activity, not a forecast or an investment recommendation.