{
 "symbol": "HYPE", "name": "Hyperliquid", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "one_sentence_zh": "Hyperliquid 是一条自带链上订单簿的永续合约/现货交易所 L1，交易者为撮合与杠杆付手续费，约 97% 的手续费由系统地址自动换成 HYPE 并销毁。",
 "one_sentence_en": "Hyperliquid is an L1 running an on-chain order-book perps/spot exchange; traders pay fees for matching and leverage, and ~97% of fees are auto-converted to HYPE and burned via the Assistance Fund.",
 "red_lines": {
   "R1": {"hit": false, "note": "手续费在 L1 执行层自动归集到 Assistance Fund 系统地址并换成 HYPE，链上可查；DefiLlama 口径 30 天费用 $89.3M / 持币人收入 $72.5M，与文档描述的 97% 比例一致。未发现刷量指控证据。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md", "https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/"]},
   "R2": {"hit": false, "note": "回购资金来源是交易手续费（经营收入），由协议自动执行，不经国库卖币或增发。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md"]},
   "R3": {"hit": true, "unlock_12m_frac_of_circ": 0.36, "note": "核心贡献者归属已于 2026-01-06 开始按月解锁。KuCoin 报道 2026-08-29 单月解锁约 14.18M HYPE，其中 46.6% 归内部人（早期投资者/核心贡献者），月月等量至 2029-11；流通量约 222M。内部人部分 12 个月 ≈ 6.6M×12 ≈ 79M ⇒ 79/222 ≈ 0.36；若按 BlockEden 口径（团队每月 9.92M）则 ≈ 0.54。两种口径均 ≥ 25%，命中。注意：Assistance Fund 每日回购销毁的量级（2025 年 $716M）足以对冲大部分解锁，但红线只看解锁比例。", "sources": ["https://www.kucoin.com/news/flash/hype-hits-all-time-high-faces-1-2b-unlock-on-august-29", "https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/"]},
   "R4": {"hit": false, "note": "HYPE 可质押给验证者获得 PoS 奖励（400M 质押时约 2.37% 年化），质押分层享手续费折扣 5%~40%，并作为 HyperEVM gas。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/staking.md", "https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md"]},
   "R5": {"hit": false, "note": "一句话可说清：链上永续合约交易所，交易者付手续费。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md"]},
   "R6": {"hit": false, "note": "本次检索未发现被盗未赔付、监管强制下架或团队跑路的证据。", "sources": ["https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/"]}
 },
 "A_judge": {"mechanism_executing": true, "mechanism_desc": "Assistance Fund 系统地址在 L1 执行层每日自动把手续费换成 HYPE 并永久销毁（文档明确写 'HYPE in the assistance fund is burned'）；第三方统计 2025 年回购 $716M、累计超 $1B，基金持仓 37M+ HYPE。另有 USDC 储备收益作为第二回购来源（仅见搜索摘要，未打开原文，未计入）。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md", "https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/"]},
 "B": {
   "one_sentence": {"score": 2.5, "evidence": "链上永续合约交易所，交易者付手续费换取撮合、杠杆与深度；谁付钱、为什么付都清楚。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md"]},
   "moat": {"score": 2.0, "evidence": "流动性深度 + 网络效应：占去中心化永续合约未平仓量 66%~73%，日成交 $65B+，累计成交 $4T；质押分层折扣形成切换成本。护城河在变宽（Q1 2026 TradFi swaps +953%），但 CEX 与新兴 perp DEX 竞争激烈，扣分。", "sources": ["https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/"]},
   "ten_years": {"score": 1.5, "evidence": "年化收入 $0.84B~$1.3B、11 名全职员工，经济模型自洽；若消失，链上衍生品会倒退回 CEX。但监管对永续合约的态度与竞争者复制速度是 5~10 年的不确定项。", "sources": ["https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/"]},
   "people_governance": {"score": 1.0, "evidence": "团队解锁已开始且量大（每月约 1% 总供应），基金会在 4 月解锁中领取 ~330K HYPE；治理高度集中于核心团队（文档无 HYPE 链上治理描述）；历史承诺（手续费全归社区、无 VC）兑现。", "sources": ["https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/", "https://www.kucoin.com/news/flash/hype-hits-all-time-high-faces-1-2b-unlock-on-august-29"]}
 },
 "C_judge": {
   "users_growth": {"score": 0.5, "evidence": "未找到近 90 天活跃地址对前 90 天的直接数据；只能以成交量代理：2026 年 1~2 月月成交均 $200B+，Q1 TradFi swaps +953%。按规则保守给分。", "sources": ["https://blockeden.xyz/blog/2026/04/18/hyperliquid-375m-hype-unlock-institutional-floor-1-2b-revenue/"]},
   "utility": {"score": 1.0, "evidence": "质押 HYPE 直接降低手续费（5%~40%）、验证者需 10,000 HYPE 自质押、HyperEVM gas。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md", "https://hyperliquid.gitbook.io/hyperliquid-docs/hypercore/staking.md"]},
   "culture": {"score": 0, "evidence": "未找到证据（社媒/社区增速数据未检索到）。", "sources": []},
   "web3_direction": {"score": 1.0, "evidence": "链上订单簿 + 手续费全归社区并自动回购销毁，是 CEX 功能上链的代表方向。", "sources": ["https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees.md"]}
 },
 "confidence": "medium",
 "notes": "DefiLlama 协议页（defillama.com/protocol/hyperliquid、/unlocks/hyperliquid）与 Hyperliquid 官方 hype-genesis 文档页本次均打不开（403/404），解锁数据依赖 KuCoin 与 BlockEden 两份第三方报道，两者单月解锁口径不一致（14.18M 含社区 vs 9.92M 纯团队），但无论哪种口径 12 个月内部人解锁均 ≥ 流通量 25%，R3 命中 ⇒ 落选。持币人收入口径（DefiLlama $72.5M/30d）与文档 97% 手续费进 Assistance Fund 并销毁一致，机制确在执行。"
}