Hyperliquid's total fees rose 31% in the first half of the year to $419 million, with HYPE's valuation now approaching that of traditional trading platforms.

Hyperliquid has released its first-half (H1) 2026 performance analysis. Key metrics show total fee revenue hit $419.3 million, up 31% year-over-year (YoY); daily active users rose roughly 90%, with trading volume reaching $1.29 trillion in H1, and June alone notching $266.5 billion in volume. However, Hyperliquid’s core protocol revenue fell 3.8% YoY to $305.3 million from $317.5 million in H1 2025. The decline stems from the rapid expansion of HIP-3 markets, which let external teams launch markets for stocks, commodities, pre-IPO assets and other products on Hyperliquid’s infrastructure, retaining 50% of trading fees. HIP-3 now contributes 11.2% of total fee revenue. In derivatives, Hyperliquid’s open interest (OI) stands at ~$9.1 billion, accounting for 10.3% of the global crypto perpetual contract market and up 24.8% YoY; its on-chain perpetual contract market share is 54.5%, exceeding that of all other on-chain platforms combined. On valuation, including the ~$309 million annualized HYPE token issuance cost, HYPE’s adjusted price-to-earnings ratio is ~23x, nearly matching the ~24.5x average of peers including traditional exchanges CME, CBOE, Interactive Brokers and Coinbase. The report projects a USDC reserve yield partnership could add $135–160 million in annual revenue for Hyperliquid, which would be used for HYPE buybacks. It flags H2 growth risks including competition and regulatory uncertainty: HIP-3 markets rely heavily on individual developers, while stock and pre-IPO asset markets face unclear regulatory oversight. Still, new offerings like HIP-4 prediction markets, options products and USDC reserve yields could further diversify Hyperliquid’s revenue streams.