Odaily Planet Daily reports that Hyperliquid has released its first-half 2026 performance analysis. Data shows that total fee revenue for the first half reached $419 million, a 31% year-over-year increase; daily active users grew by approximately 90%, with total trading volume reaching $1.29 trillion, and single-month trading volume in June hitting $266.5 billion. Core protocol revenue declined slightly from $317.5 million in the first half of 2025 to $305.3 million, a 3.8% year-over-year decrease. This was primarily due to the rapid expansion of the HIP-3 mechanism, which allows external teams to launch markets for equities, commodities, and pre-IPO assets on Hyperliquid’s infrastructure, retaining 50% of trading fees. Currently, HIP-3 contributes 11.2% of total fee revenue. In the derivatives market, Hyperliquid’s open interest stands at approximately $9.1 billion, accounting for 10.3% of the global cryptocurrency perpetuals market—a 24.8% year-over-year increase—and it holds a 54.5% share of the on-chain perpetuals market, surpassing the combined share of all other on-chain platforms. Regarding valuation, when accounting for the annualized token issuance cost of approximately $309 million in HYPE, the HYPE-adjusted price-to-earnings ratio is around 23x, close to the average of approximately 24.5x for traditional trading platforms such as CME, CBOE, Interactive Brokers, and Coinbase. The report projects that if a collaboration on USDC reserve yields is implemented, it could generate an additional $135 million to $160 million in annual revenue for Hyperliquid, which may be used for HYPE buybacks. The report notes that Hyperliquid still faces competitive and regulatory risks in the second half of the year, including high reliance on individual developers for HIP-3 markets and regulatory uncertainty surrounding equity and pre-IPO asset markets. Additionally, new business lines such as HIP-4 prediction markets and options products, along with USDC reserve yields, could further diversify its revenue streams.
Hyperliquid's H1 2026 fee revenue reaches $419M, with HYPE valuation nearing that of traditional exchanges.
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Summary
Hyperliquid’s H1 2026 fee revenue reached $419 million, a 31% year-over-year increase, with trading volume hitting $1.29 trillion. Daily active users rose 90%, while open interest reached $9.1 billion, capturing 10.3% of the global crypto perpetual market. HIP-3 now contributes 11.2% of fee revenue. Altcoins to monitor include those tied to HIP-3 expansion. HYPE’s valuation multiple stands at 23x, near that of traditional exchanges. Potential USDC yield revenue of $135–160 million could fund buybacks. Risks include regulatory changes and reliance on developers.
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