2026 H1 Hyperliquid Half-Year Report

Hyperliquid’s H1 results strengthened the investment case for HYPE, with resilient earnings, expansion into non-crypto markets, and institutional inflows supporting a 155% return despite a broader market downturn.

Nov 4, 2026

Researcher

Four Pillars

Ponyo

Related Projects

Hyperliquid

Read the full report

English Ver.

Hyperliquid generated $351M in protocol revenue in H1, up 6.4% YoY, while HYPE appreciated 155% against Bitcoin’s 33% decline. Revenue fell 38% against a record H2 2025, although the exit rate improved materially: June revenue reached $71M, the strongest monthly result since November. The protocol deployed $288M into HYPE repurchases during the half. We view the combination of earnings resilience and sustained capital returns as support for valuing HYPE increasingly on operating fundamentals.
HIP-3 materially expanded the exchange’s addressable market. Volume reached $324B in H1, representing 25.1% of matched volume and rising to 32.0% in Q2, as activity broadened across commodities, equity indices, and single stocks. Revenue contribution remains modest relative to volume: subsidized pricing limited HIP-3 to 7.4% of protocol revenue, with native perpetuals contributing 85.6%. Converting this broader trading activity into earnings is a key opportunity. Deployer concentration warrants monitoring, with Trade[XYZ] accounting for 97% of HIP-3 volume in June.
The USDC realignment introduces a potentially material source of incremental holder returns. HyperEVM’s stablecoin supply reached $5.6B at period-end, of which 96% was USDC. Under AQAv2, approximately 90% of cost-adjusted reserve yield is designated for the Assistance Fund. We estimate an annual contribution of $135–200M at prevailing rates and balances, providing additional buyback capacity alongside trading fees. No contribution was recognized in H1, and realized economics remained unconfirmed at publication. Key sensitivities include stablecoin balances, interest rates, and the effective revenue share.
Institutional adoption strengthened demand for HYPE as net float contracted modestly. Three US spot ETFs recorded $309M in net inflows through June 30; ETFs, treasury companies, and the Assistance Fund collectively held approximately 82M HYPE, or 8.2% of total supply, on the report’s measurement basis. Limited team claims also supported supply conditions, with just 4.7% of scheduled entitlement claimed during H1. The resulting supply-demand balance is supportive, although the $4.3B vested but unclaimed balance remains a material potential source of supply.
This report was produced by the Hyperliquid Research Collective (HRC), a joint initiative of GLC Research and Four Pillars dedicated to independent research on Hyperliquid.

The author of this report may have personal holdings or financial interests in assets or tokens discussed herein. However, the author affirms that no transactions have conducted using material non-public information obtained in the course of research or drafting. This report is intended solely for general information purposes and does not constitute legal, business, investment, or tax advice. It should not be used as a basis for making any investment decisions or as guidance for accounting, legal, or tax matters. Any references to specific assets or securities are made for informational purposes only and should not be construed as an offer, solicitation, or recommendation to invest. The opinions expressed herein are those of the author and may not reflect the views of any affiliated institutions, organizations, or individuals. The opinions and analyses expressed herein are subject to change without prior notice. In addition, beyond the individual disclosures included in each report, Four Pillars, may hold existing or prospective investments in some of the assets or protocols discussed herein. Furthermore, FP Validated, a division of Four Pillars, may already be operating as a node in certain networks or protocols discussed herein or may do so in the future. Please see below links in the footer for FP Validated's participating network disclosures and for broader disclosure details.

2026 H1 Hyperliquid Half-Year Report

Researcher

Related Projects

Disclaimer

Recommended

Trade[XYZ] 2026 Q2 Report

2026 Hyperliquid Q2 Quarterly Report

Securitize, Inc. (SECZ) — Initiating Coverage