Hyperliquid released its H1 2026 performance analysis, according to Huoxing Finance. Data shows that total fee revenue for the first half of the year reached $419.3 million, a 31% year-over-year increase; daily active users grew by approximately 90%, and trading volume reached $1.29 trillion, with a single-month volume of $266.5 billion in June. However, Hyperliquid’s core protocol revenue declined from $317.5 million in H1 2025 to $305.3 million, a 3.8% year-over-year decrease. This was primarily due to the rapid expansion of the HIP-3 market, a mechanism that allows external teams to launch markets for equities, commodities, and pre-IPO assets on Hyperliquid’s infrastructure, sharing 50% of transaction fees. HIP-3 currently 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, up 24.8% year-over-year; in the on-chain perpetuals segment, its market share reaches 54.5%, surpassing the combined share of all other on-chain platforms. Regarding valuation, when accounting for the annualized HYPE token issuance cost of approximately $309 million, HYPE’s adjusted price-to-earnings ratio is around 23x, closely aligned with the average of approximately 24.5x for traditional exchange peers such as CME, CBOE, Interactive Brokers, and Coinbase. The report forecasts that if a USDC reserve yield partnership is implemented, it could generate an additional $135 million to $160 million in annual revenue for Hyperliquid, to 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 dependency on individual developers for HIP-3 markets and regulatory uncertainty surrounding equity and pre-IPO asset markets. However, new business lines such as HIP-4 prediction markets and options products, along with USDC reserve yield, may further diversify its revenue streams.
Hyperliquid Q1-Q2 2026 fee revenue rises 31% to $419.3M, HYPE valuation approaches that of traditional exchanges
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Summary
Hyperliquid’s trading volume for Q1–Q2 2026 reached $1.29 trillion, with fees increasing 31% to $419.3 million. Daily active users surged 90%, but core protocol revenue declined 3.8% to $305.3 million due to the HIP-3 expansion. HIP-3 now accounts for 11.2% of total fees. Open interest in derivatives reached $9.1 billion, capturing a 54.5% share of on-chain perpetuals. HYPE’s adjusted P/E ratio stands at 23x, comparable to traditional exchanges. USDC reserve yield could generate an additional $135–160 million annually. Altcoins to watch may benefit from new products such as HIP-4 prediction markets and options.
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