# PURR Token Explained: Hyperliquid's First HIP-1 Spot Token > PURR was the first native token on the Hyperliquid L1. Supply, the Hyperliquidity lock, how to trade PURR/USDC, the dust-sweep carve-out, and why it is not the Nasdaq stock. *Source: https://hyperliquidguide.com/ecosystem/purr-token-explained* PURR was the first token anyone deployed on Hyperliquid. Not the first big one, the literal first: token index 1 in the spot registry, the proof that [HIP-1](/ecosystem/hip-1-native-token-standard) worked at all. > **Warning:** **This is the memecoin, not the stock.** If you searched PURR and landed here expecting a Nasdaq listing, you want [PURR stock (Hyperliquid Strategies Inc)](/ecosystem/purr-stock-hyperliquid-strategies) instead. Same four letters, unrelated assets, three orders of magnitude apart in price. ## The First HIP-1 Token Hyperliquid opened spot trading in PURR in April 2024, before [HYPE existed](/ecosystem/what-is-hype-token) and before the [Genesis airdrop](/ecosystem/hype-airdrop-guide). At the time the L1 ran perpetuals and the points program, and HIP-1 was the new piece: a permissionless standard that let anyone deploy a token with a real on-chain order book behind it rather than an AMM pool bolted on afterward. PURR was the demonstration. It shipped with terms that would be unusual for almost any other launch: - **No sale.** Nothing was raised. - **No team allocation.** No insider tranche, no vesting schedule. - **No stated utility.** The deployment did not promise governance, fee discounts or revenue. - **50% airdropped** to points holders, distributed proportionally. - **50% seeded** into the PURR/USDC pool through Hyperliquidity, the protocol's built-in market-making mechanism, where it was not withdrawable by anyone. > **Key takeaway:** PURR is closer to a protocol artifact than a project. There is no team to fund, no roadmap to miss, and no treasury to mismanage, because none of those things were ever created. What you are pricing is attention and a fixed supply schedule. ## Supply, and the 405 Million Nobody Holds The Hyperliquid API returns hard numbers for this rather than the estimates you get for most tokens. As of August 20, 2026: | Metric | Value | |--------|-------| | Max supply | 1,000,000,000 | | Total supply | ~595,119,107 | | Circulating supply | ~595,119,101 | | Token index | 1 | | Canonical | Yes | | HyperEVM contract | `0x9b498c3c8a0b8cd8ba1d9851d40d186f1872b44e` | | Deployer trading fee share | 0.0 | The gap between the one billion max and the ~595 million circulating is the part still sitting inside the Hyperliquidity AMM. Those tokens enter circulation only when the pool sells them, so circulating supply grinds upward with buy pressure and stalls when nobody is bidding. It is a supply curve driven by demand rather than a vesting calendar, which is a genuinely different shape from most launches. The deployer fee share of zero is worth a glance too. Some HIP-1 deployers route a slice of trading fees to themselves. PURR routes nothing to anyone. --- ## What PURR Actually Does Nothing, on purpose. The one behavior that has persisted is social rather than technical: projects deploying new spot and meme tokens on Hyperliquid have frequently included PURR holders in their distributions, which turned holding PURR into a rough proxy for "airdrop eligible" during 2024 and 2025. That is a convention among deployers, not a rule the protocol enforces. Nobody is obliged to include PURR holders in anything, and treating it as a reliable income stream would be a mistake. > **Note:** **One quirk the docs do specify.** Hyperliquid sweeps spot dust every day at 00:00 UTC, market-selling balances below one lot size worth a dollar or less and redistributing the USDC to the accounts that were dusted. The sweep is skipped when aggregate dust exceeds 3,000 USDC, except for PURR, which gets a **10,000 USDC** ceiling. That carve-out exists because so many accounts still hold airdrop-sized crumbs of it. Details in the [HIP-1 guide](/ecosystem/hip-1-native-token-standard). ## How to Trade PURR The PURR/USDC book behaves like every other market on the exchange, which is the point of HIP-1. Spot fees start at **0.070% taker and 0.040% maker** at the base tier, before the [4% referral discount](/guides/getting-started/hyperliquid-referral-program-guide) or any [HYPE staking tier](/guides/fees/fee-tiers). Spot volume counts double toward tier progression, which is a small but real reason to route spot flow through the same account as your perps. Our [spot trading guide](/guides/trading/spot-trading-guide) has the full walkthrough. **Trade PURR and Everything Else** — Hyperliquid's spot order book runs on-chain with no gas fees. Sign up through our link for a 4% lifetime fee discount. [Open Hyperliquid](https://app.hyperliquid.xyz/join/Concept211) ### Liquidity, honestly PURR is a small market. Twenty-four hour notional volume was around $2.7 million on August 20, 2026, against roughly $55 million of circulating market value. That is enough for a retail-sized order to fill cleanly and thin enough that a large market order will move the book. Use limit orders and read our [slippage guide](/guides/trading/slippage-explained) before sizing up. --- ## Watch the Ticker, Not the Letters HIP-1 deployment is permissionless, which is the feature. It also means the spot registry contains other tickers with PURR in the name. As of August 20, 2026 the API listed **PURRPS** trading at about $0.000006 and **PURRO** at about $0.002, both with effectively no volume. A similar name proves nothing either way about who deployed a token or what it is for. The canonical asset is the one on the **PURR/USDC** book carrying token index 1 and the contract address in the table above. Confirm the pair in the interface before you sign anything. This applies to every ticker on a permissionless registry, not just this one, and it is covered more broadly in our [security guide](/guides/getting-started/crypto-trading-security-guide). ## PURR, HYPE, and the Nasdaq Ticker Three assets, one name, and it genuinely confuses people: | | PURR (token) | HYPE | NASDAQ: PURR | |---|---|---|---| | What it is | HIP-1 spot memecoin | Hyperliquid's native token | Common stock in Hyperliquid Strategies Inc | | Where it trades | Hyperliquid spot | Hyperliquid spot and perps, plus CEXs | Nasdaq Capital Market | | Approx price, Aug 20 2026 | $0.092 | $74 | $10.08 | | Supply | 1B max, ~595M circulating | Capped at 1B | ~200.6M shares as of Jul 15 2026 | | Utility | None by design | Staking, gas on HyperEVM, fee tiers | A claim on a corporate balance sheet | | Earns anything | No | Staking rewards | Company books staking revenue, not you | If you want exposure to how Hyperliquid the exchange performs, PURR the token is the wrong instrument. That is [HYPE](/guides/getting-started/how-to-buy-hype-token), which captures fee revenue through buybacks. PURR is a memecoin on the same chain, and it moves on its own attention cycle. > **Tip:** **Sanity check before you buy.** A memecoin with no utility and no team is priced entirely on whether people want it tomorrow. That is a legitimate thing to trade and a poor thing to size like a core position. ## Related Reading - [HIP-1: Native Token Standard](/ecosystem/hip-1-native-token-standard) covers the standard PURR launched - [PURR Stock (NASDAQ: PURR)](/ecosystem/purr-stock-hyperliquid-strategies) covers the unrelated Nasdaq listing - [Spot Trading Guide](/guides/trading/spot-trading-guide) covers order entry on the spot book - [What Is HYPE Token](/ecosystem/what-is-hype-token) covers the network's actual native asset - [HYPE Airdrop Guide](/ecosystem/hype-airdrop-guide) covers the distribution PURR holders were early to - [Hyperliquid Auctions](/ecosystem/hyperliquid-auctions-explained) covers how new HIP-1 tickers get deployed Prices and supply figures on this page come from the Hyperliquid API on August 20, 2026 and move constantly. Check live data before trading.