Hyperliquid Releases Q2 Report: RWA Trading Volume Share Rises to 32.2%, HYPE Surges 79% in the Quarter to Hit a New High

Hyperliquid Research Collective (HRC) released its Q2 2026 report, stating that real-world asset (RWA) perpetual contract trading on the Hyperliquid platform continues to grow. The proportion of HIP-3-related trading volume rose from 1.8% in the prior quarter to 20.7%, then climbed further to 32.2% in Q2, with quarterly transaction volume reaching $213 billion—accounting for nearly one-third of the platform’s total trading volume. The report shows that the Hyperliquid ecosystem gained more attention from traditional finance during Q2, with three HYPE ETFs launching for trading, providing investment channels for institutional investors unable to custody tokens directly. Meanwhile, asset management firms including Hyperliquid Strategies have steadily built HYPE reserves; currently, funds and related treasuries hold approximately 7.7% of the total HYPE supply. On the data front, HYPE rose 79% in Q2, hitting a historical high of $76.90, while Bitcoin fell 14% over the same period. Hyperliquid protocol revenue recovered growth after hitting a bottom in April, with monthly revenue at quarter-end reaching $169 million, pushing cumulative protocol revenue past $1 billion, of which $141 million was returned to holders via buybacks.