> For the complete documentation index, see [llms.txt](https://docs.stakingrewards.com/staking-data/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.stakingrewards.com/staking-data/methodologies/kinetiq-staked-hype-srb.md).

# Kinetiq Staked HYPE SRB

kHYPE Staking Rewards Benchmark (kHYPESRB™) Methodology

kHYPESRB is a benchmark representing the annualized staking rate earned by holders of Kinetiq Staked HYPE (kHYPE), the liquid staking token that Kinetiq issues for HYPE delegated to Hyperliquid validators.

kHYPESRB is calculated and published by Staking Rewards via the [Kinetiq Staked HYPE Profile](https://www.stakingrewards.com/asset/kinetiq-staked-hype) and [Data API](https://www.stakingrewards.com/data-api).

> **TL;DR:** kHYPE does not rebase. Rewards show up as a rising kHYPE-to-HYPE exchange ratio. kHYPESRB is the growth of that ratio over about 30 days, annualized. Kinetiq takes its reward share before rewards reach the ratio, so kHYPESRB is already a net holder rate.

$$
kHYPESRB = \left(\frac{er\_t}{er\_0} - 1\right) \cdot \frac{t\_y}{\Delta d}
$$

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="158">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>er<sub>t</sub></td><td>Exchange Ratio</td><td>The current HYPE redemption value of one kHYPE, read from the Kinetiq StakingAccountant contract (<code>kHYPEToHYPE</code>) on HyperEVM.</td></tr><tr><td>er<sub>0</sub></td><td>Past Exchange Ratio</td><td>The exchange ratio Staking Rewards recorded about 30 days before the evaluation. It comes from the recorded exchange ratio history because historical HyperEVM state is not available.</td></tr><tr><td>Δd</td><td>Elapsed Days</td><td>The measured time in days between the recorded past ratio and the current evaluation. It is taken from the record's timestamp, not assumed to be 30.</td></tr><tr><td>t<sub>y</sub></td><td>Year Constant</td><td>365 days</td></tr></tbody></table>

* kHYPESRB is non-compounded, excluding returns from reinvestment of rewards.
* The growth factor is **relative**: it is the ratio of the two exchange ratios, not their difference.
* The observation window must fall between 25 and 35 days. If no recorded ratio falls in that window, kHYPESRB and every metric derived from it are omitted for that evaluation. No default value is published.

#### Kinetiq's reward share is already reflected: kHYPESRB is a net rate

kHYPESRB has **no separate fee term**. Kinetiq diverts a reward share from staking rewards before they are added to the pool behind kHYPE. The share was 10% on 09/30/2026: 70% of it goes to KNTQ buybacks and 30% to the treasury. Exchange-ratio growth is therefore a post-fee quantity, and deducting the share again would count it twice.

This is measurable. The native HYPESRB on 09/30/2026 was 2.23%, and the median validator commission was 2.96%, so delegators earned about 2.17% gross. Taking 10% of that leaves about 1.95%. The observed 30-day kHYPE exchange-ratio growth was 1.98%.

The reward share is read live on every evaluation: `rewardShareBps` / 10,000 from the RewardShareTracker that the Kinetiq StakingManager points to. Governance can change it, up to a maximum of 2,000 bps (20%). It is published as Commission and Benchmark Commission. If the live read fails, Commission, Benchmark Commission and Fee Revenue are omitted for that evaluation. No constant is published in their place. The earlier 0.1% unstaking fee is set to 0 on-chain.

***

#### Slashing

1. kHYPESRB does not factor in the possibility of jailing or slashing of the Hyperliquid validators Kinetiq delegates to. Any such loss would show up only through a lower exchange ratio.

***

### kHYPE Active Reward Rate

Active Reward Rate is equal to kHYPESRB. The exchange ratio already grows net of Kinetiq's reward share, so the share is not deducted a second time.

***

#### Observation Period:

1. kHYPESRB is determined from the exchange ratio at the latest HyperEVM block at the evaluation point and the recorded exchange ratio about 30 days earlier.
2. This growth is then annualized for a comprehensive year-long projection.

#### Calculation

The calculation happens every 2 hours and is immediately published via [Data API](https://www.stakingrewards.com/data-api).

#### Limitations

1. kHYPESRB employs a 365-day convention for annualizing staking rates. This convention remains consistent and does not accommodate adjustments for leap years.
2. kHYPESRB is a trailing measure. It reflects rewards that entered the exchange ratio during the observation window. Kinetiq distributes rewards with a delay, and the reward-share queue has a delay too, so a change in the network rate or in the reward share reaches kHYPESRB gradually.
3. The rate relies on Staking Rewards' own recorded exchange ratio history. If that history has a gap around the start of the window, the rate is omitted for that evaluation.
4. There is no guarantee that any individual holder will earn this exact rate.

### kHYPE Real Reward Rate: kHYPESRB^R

The real reward rate calculates kHYPESRB adjusted for inflation in the network.

$$
kHYPESRB^R = \frac{1 + kHYPESRB}{1 + ir} - 1
$$

<table data-full-width="false"><thead><tr><th width="141">Formula key</th><th width="158">Metric name</th><th>Description</th></tr></thead><tbody><tr><td>ir</td><td>Inflation Rate</td><td>The annual rate at which the HYPE supply increases.</td></tr></tbody></table>

#### Inflation Rate Behavior

Staking Rewards does not currently publish an inflation rate for HYPE. kHYPESRB^R is therefore not published until one is available.

***

### Other kHYPE metrics calculated by Staking Rewards:

<table data-full-width="false"><thead><tr><th width="212.99999999999994">Metric</th><th>Description</th></tr></thead><tbody><tr><td>Exchange Ratio</td><td>HYPE redeemable per kHYPE, from the Kinetiq StakingAccountant contract.</td></tr><tr><td>Total Supply</td><td>The outstanding kHYPE supply, in kHYPE units.</td></tr><tr><td>Staked Tokens</td><td>The HYPE backing all kHYPE: Total Supply × Exchange Ratio.</td></tr><tr><td>Assets Under Management</td><td>Staked Tokens × HYPE price, in USD.</td></tr><tr><td>Commission / Benchmark Commission</td><td>Kinetiq's live reward share on staking rewards (<code>rewardShareBps</code> / 10,000).</td></tr><tr><td>Fee Revenue</td><td>The annualized reward share Kinetiq earns, in HYPE: <code>st · (kHYPESRB / (1 − c)) · c</code>. The net rate is grossed up before the share is applied. It is published only when both the rate and the live reward share are available.</td></tr><tr><td>Staking Wallets</td><td>The number of addresses holding a non-zero kHYPE balance.</td></tr><tr><td>Unstaking Time</td><td>The exit-queue delay in seconds between requesting a kHYPE withdrawal and being able to confirm it, read live from the Kinetiq StakingManager <code>withdrawalDelay()</code> (604,800 s = 7 days as of 10/2026, mirroring HyperCore's 7-day staking-to-spot queue). This is the floor the protocol enforces; Kinetiq's documentation quotes ~8–9 days end to end, which adds a 1-day delegation lockup. Omitted for a run if the read fails.</td></tr><tr><td>Price</td><td>The kHYPE price in USD: HYPE price × Exchange Ratio.</td></tr><tr><td>Market Ratio / Peg Deviation</td><td>The kHYPE market price compared with its redemption value.</td></tr></tbody></table>

#### Data Sources:

* Staking Rewards from indexed HyperEVM RPC endpoints (Kinetiq StakingAccountant, StakingManager and RewardShareTracker contracts)
* Staking Rewards' recorded kHYPE exchange ratio history
* HyperEVM token balance data for the holder count
* CoinGecko for HYPE price data

#### References:

* [Kinetiq kHYPE Documentation](https://kinetiq.xyz/docs/khype)
* [Hyperliquid Documentation](https://hyperliquid.gitbook.io/hyperliquid-docs)
* [Hyperliquid SRB](/staking-data/methodologies/hyperliquid-srb.md)

***

:books: [Learn more about kHYPE Staking](https://www.stakingrewards.com/asset/kinetiq-staked-hype)

:bar\_chart: [Calculate your kHYPE Staking Rewards](https://www.stakingrewards.com/calculator?asset=kinetiq-staked-hype)

:gear: [Access historic Kinetiq Staked HYPE Staking Data via API](https://www.stakingrewards.com/data-api)

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Last updated on 10/19/2026
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