Hyperliquid Q2 Report: RWA Trading Volume Reaches 32.2%, HYPE Rises 79%

ChainCatcher report: Hyperliquid Research Collective (HRC) released its Q2 2026 report, indicating sustained growth in real-world asset (RWA) perpetual trading on the Hyperliquid platform. The share of trading volume related to HIP-3 increased from 1.8% in the previous quarter to 20.7%, and further reached 32.2% in Q2, with quarterly trading volume reaching $213 billion—nearly one-third of the platform’s total volume. The report noted increased interest from traditional finance in the Hyperliquid ecosystem during Q2, with three HYPE ETFs now trading, providing institutional investors unable to directly custody tokens with investment access. Meanwhile, asset management firms such as Hyperliquid Strategies have continued building HYPE reserves, with funds and related treasuries currently holding approximately 7.7% of the total HYPE supply. Data shows HYPE rose 79% in Q2, reaching a new all-time high of $76.90, while Bitcoin declined 14% over the same period. Hyperliquid protocol revenue, which hit a low in April, resumed growth, reaching $169 million in monthly revenue by quarter-end, with cumulative protocol revenue surpassing $1 billion—$1.41 billion of which was returned to holders via buybacks.