Hyperliquid 2026 Q2 Report

Q1 proved Hyperliquid could house all of finance. Q2 is the quarter the rest of finance began to catch up.

The recognition showed first in real-world assets. Perpetuals on HIP-3 set records across equities, commodities, and pre-IPO names, climbing from 1.8% of matched volume to 20.7% to 32.2% across three quarters, $213B in Q2, nearly a third of everything the exchange traded. A private rocket company was priced here on a Saturday with the New York Stock Exchange closed, and by July a Chinese chipmaker traded onchain above where its Shanghai listing had settled. The parallel financial system that keeps its own hours was no longer a description of the future. That record volume now runs through a single deployer, and the $5.6B stablecoin float behind it has standardized on one issuer, the concentration that comes with winning.

The recognition then took financial form. In Q1, four asset managers filed for HYPE ETFs; in Q2, the first three began trading, giving allocators who cannot custody the token a regulated way to hold it. Treasury companies raised capital and scaled, led by Hyperliquid Strategies at 29.3M HYPE. The Assistance Fund and treasuries now hold 7.7% of supply and keep buying, the Fund to burn and the treasuries to hold, against net issuance under a million tokens a quarter.

HYPE rose 79% to a new all-time high of $76.90 while Bitcoin fell 14%, a second straight quarter it tracked the business beneath it while the majors sold off. Protocol revenue troughed in April and recovered to its strongest month since November, closing the quarter at $169M with $141M returned to holders through buybacks and cumulative protocol revenue past $1B. A team owed $4.3B in vested tokens claimed 4.3% of it while the price doubled.

This report is a product of the Hyperliquid Research Collective (HRC), the independent research hub created by GLC Research and Four Pillars to reduce information asymmetry around Hyperliquid. With the continued support of HypurrCollective, Hyperliquid Strategies, Hyperion DeFi, and Altus (prev. B-Harvest), we remain committed to producing accessible, high-quality research. We are grateful to our sponsors for making this work possible.