> 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/staked-hype-shares-srb.md).

# Staked HYPE Shares SRB

wstHYPE Staking Rewards Benchmark (wstHYPESRB™) Methodology

wstHYPESRB is a benchmark representing the annualized staking rate earned by holders of Staked HYPE Shares (wstHYPE), the share-denominated form of Valantis' stHYPE liquid staking token for HYPE delegated to Hyperliquid validators.

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

> **TL;DR:** wstHYPE does not rebase. Rewards show up as a rising wstHYPE-to-HYPE exchange ratio. wstHYPESRB is the compounded growth of that ratio over about 30 days, annualized. The protocol fee is taken before rewards reach the ratio, so wstHYPESRB is already a net holder rate.

#### wstHYPE and stHYPE are one ledger

wstHYPE is not a custody wrapper. It holds no stHYPE of its own. It is a share-denominated view of the stHYPE ledger: `wstHYPE.balanceOf(x) = stHYPE.sharesOf(x) / 10^6` for every holder, and the wstHYPE supply equals the total number of stHYPE shares. The HYPE value of one wstHYPE is therefore the stHYPE balance per share.

$$
wstHYPESRB = \left(\frac{er\_t}{er\_0}\right)^{t\_y/\Delta t} - 1
$$

<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>er<sub>t</sub></td><td>Exchange Ratio</td><td>The current HYPE value of one wstHYPE: stHYPE <code>totalSupply</code> divided by wstHYPE <code>totalSupply</code>, read on HyperEVM at evaluation time. This equals the stHYPE balance per share.</td></tr><tr><td>er<sub>0</sub></td><td>Past Exchange Ratio</td><td>The latest exchange ratio Staking Rewards recorded before the start of the observation window. It comes from the recorded exchange ratio history.</td></tr><tr><td>Δt</td><td>Elapsed Time</td><td>The measured time in seconds between the recorded past ratio and the current evaluation, taken from the record's timestamp rather than assumed from the window length.</td></tr><tr><td>t<sub>y</sub></td><td>Year Constant</td><td>365d (31,536,000s)</td></tr></tbody></table>

* The growth factor is **relative**: it is the ratio of the two exchange ratios, not their difference.
* The exponent compounds the observed growth over the year, which is what a holder experiences: the ratio grows on its own accrued value, with no claim or restake step.
* The primary window is 30 days. If no recorded ratio exists for it, the 14-day, 7-day and 1-day windows are used in that order. If none exists, wstHYPESRB and Fee Revenue are omitted for that evaluation. No default value is published.
* The 1d, 7d, 14d, 30d and 90d rates are also published as Reward Rate 1d / 7d / 14d / 30d / 90d, computed the same way.

#### The protocol fee is already reflected: wstHYPESRB is a net rate

wstHYPESRB has **no separate fee term**. The 3% protocol fee is taken from staking rewards before they reach the pool behind stHYPE shares, so exchange-ratio growth is a post-fee quantity. Deducting the fee again would count it twice.

This is measurable. The native HYPESRB on 09/30/2026 was 2.24%, which is about 2.17% after a 3% fee. The observed 30-day wstHYPE exchange-ratio growth was 2.11%.

***

#### Slashing

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

***

### wstHYPE Active Reward Rate

Active Reward Rate is equal to wstHYPESRB. The exchange ratio already grows net of the protocol fee, so the fee is not deducted a second time.

***

#### Observation Period:

1. wstHYPESRB 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. wstHYPESRB employs a 365-day convention for annualizing staking rates. This convention remains consistent and does not accommodate adjustments for leap years.
2. wstHYPESRB is a trailing measure. It reflects rewards that entered the exchange ratio during the observation window, so a change in the network rate reaches it gradually.
3. The rate relies on Staking Rewards' own recorded exchange ratio history. If that history has no record before the start of every window, the rate is omitted for that evaluation.
4. The protocol fee is a constant 3%. A governance change to it is not picked up automatically.
5. There is no guarantee that any individual holder will earn this exact rate.

### wstHYPE Real Reward Rate: wstHYPESRB^R

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

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

<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. wstHYPESRB^R is therefore not published until one is available.

***

### Other wstHYPE 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 per wstHYPE: stHYPE total supply / wstHYPE total supply, equal to the stHYPE balance per share.</td></tr><tr><td>Total Supply</td><td>The outstanding wstHYPE supply (the total number of stHYPE shares), in wstHYPE units.</td></tr><tr><td>Staked Tokens</td><td>The HYPE backing all stHYPE shares: Total Supply × Exchange Ratio, equal to the stHYPE total supply.</td></tr><tr><td>Assets Under Management</td><td>Total Supply × wstHYPE price, in USD.</td></tr><tr><td>Commission / Benchmark Commission</td><td>The 3% protocol fee on staking rewards.</td></tr><tr><td>Fee Revenue</td><td>The annualized protocol fee, in HYPE: <code>st · (wstHYPESRB / (1 − c)) · c</code>. The net rate is grossed up before the fee is applied. It is published only when wstHYPESRB is available.</td></tr><tr><td>Staking Wallets</td><td>The number of addresses holding a non-zero wstHYPE balance.</td></tr><tr><td>Price</td><td>The wstHYPE price in USD, from CoinGecko.</td></tr></tbody></table>

#### Data Sources:

* Staking Rewards from indexed HyperEVM RPC endpoints (stHYPE and wstHYPE token contracts)
* Staking Rewards' recorded wstHYPE exchange ratio history
* HyperEVM token balance data for the holder count
* CoinGecko for wstHYPE price data

#### References:

* [Valantis stHYPE Documentation](https://docs.valantis.xyz/stakedhype)
* [Hyperliquid Documentation](https://hyperliquid.gitbook.io/hyperliquid-docs)
* [Hyperliquid SRB](/staking-data/methodologies/hyperliquid-srb.md)

***

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

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

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

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Last updated on 09/30/2026
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