Slide 1: HYPD Q3 2025 Earnings Supplement
HYPD Q3 2025 Earnings Supplement More than just HYPE. NASDAQ: HYPD Hyperion DeFi © 2025 1
Slide 2: Forward-Looking Statements; Disclaimer
Forward-Looking Statements; Disclaimer Except for historical information, all the statements, expectations and assumptions contained in this presentation are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expec
Slide 3: Hyperion DeFi (HYPD): Q3 2025 Key Operating & Financial Results
Hyperion DeFi (HYPD): Q3 2025 Key Operating & Financial Results September 30, 2025 (Unless Otherwise Indicated) HYPE – Digital Assets(1) $ 37,954,590 Gross HYPE Holdings (2) $ 77,751,604 Gross HYPE Tokens (3) 1,720,549 HYPE Tokens Staked at Kinetiq x Hyperion Validator (9/30)(4) 8,249,233 HYPE Token
Slide 4: Why Hyperliquid (HYPE)?
Why Hyperliquid (HYPE)? Top 1 revenue and Top 11 market cap cryptocurrency Top Fees (24h) Market Cap: Top 12 Cryptocurrencies NAME MARKET CAP 1 Bitcoin BTC $2,186,874,049,462 2 Ethereum ETH $464,091,919,702 3 Tether USDT $183,432,854,301 4 BNB BNB $149,721,190,958 5 XRP XRP $148,551,454,148 6 Solana
Slide 5: Hyperliquid's Unique Token Design
Hyperliquid’s Unique Token Design Hyperliquid generates an annualized revenue of ~$1.3B+(1). 99% of this revenue goes back to daily buybacks of HYPE into the Assistance Fund, a powerful mechanism relative to its circulating market cap. TOKEN FIXED SUPPLY STAKING YIELD MARKET CAP(2) BUYBACKS Bitcoin
Slide 6: Hyperliquid's Trading Platform Is Experiencing Rapid Adoption And Growth
Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Cryptocurrency Hyperliquid Hyperliquid Marketplace Hyperliquid Maximum Hyperliquid Circulating Market Cap Ranking Market Cap Users Token Supply Token Supply #11 ~$14.3 Billion ~800,000 1 Billion ~337 Million
Slide 7: Hyperliquid's Parabolic Growth
Hyperliquid’s Parabolic Growth Hyperliquid has become the leading platform for on-chain derivatives, seen through its rapidly growing fees and crypto perpetuals (“perp”) trading volume expansion since its Token Genesis Event in November 2024. Hyperliquid (HYPE) CUMULATIVE CUMULATIVE PERP VOLUME HYPE
Slide 8: Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams
Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams (June through October 2025) Ecosystem Rewards DeFi Monetization Received 3M Foundation DeFi Monetization HYPE Delegation Yield Enhancement Yield Enhancement RETURNS Validator Yield Enhancement Commissions Validator Va
Slide 9: How HYPD Drives the Institutional Adoption Flywheel
How HYPD Drives the Institutional Adoption Flywheel 1 Hyperion DeFi stakes and 5 Hyperion DeFi deploys HYPE into the reinvests revenues to Hyperliquid Ecosystem purchase more HYPE Clients unlock unique • Reduced Trading Fees 2 utility on Hyperliquid; (Credo) Hyperion DeFi earns fees from Clients • L
Slide 10: Hyperion DeFi's validator has over 13M HYPE and is a top validator
Hyperion DeFi’s validator has over 13M HYPE and is a top 10 validator We achieved 60% staked token growth in October, up from 8M in September Source: hyperliquid.xyz As of October 31, 2025 Hyperion DeFi © 2025 10
Slide 11: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Hyperion DeFi © 2025 11
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, this presentation and the accompanying tables contain Adjusted Revenue, Gross HYPE Holdings, Net Asset Value, and Adjusted EBITDA, which are non-GAAP financial measures. Adjusted Revenue, Gross HYPE Holdings,
Slide 13: Reconciliation of Adjusted Revenue (unaudited)
Reconciliation of Adjusted Revenue (unaudited) For the Three Months Ended September 30, 2025 Revenue $ 302,506 Add: Accumulated but unrealized staking rewards on HiHYPE(1) 58,771 Adjusted Revenue $ 361,277 (1) Represents staking rewards on staked HYPE tokens which have been derecognized and converte
Slide 14: Reconciliation of Gross HYPE Holdings (unaudited)
Reconciliation of Gross HYPE Holdings (unaudited) And, supplemental reconciliation of Gross HYPE Tokens(3) September 30, 2025 Value $ Token Count Token Price HYPE - Digital Assets $ 37,954,590 839,889 $ 45.19 Add: HiHYPE Tokens at Carrying Value 34,884,932 877,871 $ 39.74 Unrealized accretion (dilut
Slide 15: Reconciliation of Net Asset Value (unaudited)
Reconciliation of Net Asset Value (unaudited) September 30, 2025 Value $ HYPE - Digital Assets $ 37,954,590 Add: HiHYPE Tokens at Carrying Value 34,884,932 Add: Unrealized accretion (dilution) expected upon HiHYPE to HYPE reconversion 4,912,082 Add: Current Assets 9,085,767 Subtract: Current Liabili
Slide 16: Reconciliation of Adjusted EBITDA (unaudited)
Reconciliation of Adjusted EBITDA (unaudited) For the Three Months Ended September 30, 2025 Net Income (Loss) $ 6,625,582 Add back: Equity based compensation (1,347,031) Interest expense 223,080 Income taxes - Depreciation and amortization expense(1) - Reductions in life sciences liabilities(2) (2,4
Slide 17: Frictionless exposure to Hyperliquid's native token HYPE
Frictionless exposure to Hyperliquid’s native token HYPE. Access next-generation Decentralized Finance (DeFi). Bridging public markets and on-chain strategies. More than just HYPE. NASDAQ: HYPD Hyperion DeFi © 2025 17