: : Hyperliquid Seminar Korea 🇰🇷 An invite-only institutional seminar on Hyperliquid and onchain finance, bringing together Korean financial leaders, builders, researchers, and the global Hyperliquid ecosystem. 📅 Sep 28, 14:00-17:30 🧑‍🤝‍🧑 Host: @hypurrcorea 🎓Research Partner: @HyperliquidR (@FourPillarsFP & @GLC_Research)

2026 Trade[XYZ] Q2 Report Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report. While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%. Quarterly volume rose 79.2% to $202.36B. More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it. Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy. Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.

Hyperliquid open interest keeps hitting 2026 highs, $13.8 billion as of yesterday. The USDC collateral base is growing right alongside it, now around $6.5 billion, up 36.8% from the start of the year.

Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them. Final week of Q2, same rule on both books: ▫️Trade[XYZ] RWA markets: 3.57 bps median spread ▫️Hyperliquid crypto perps: 5.44 bps In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts. Most of these contracts are months old, and the book they went through is one of the tightest in the industry. They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example. Hyperliquid.

We feel genuinely fortunate to be the ones covering Hyperliquid and Trade[XYZ] this closely right now. Watching how fast things are moving has brought us real joy this quarter, and we don' t say that lightly. Nothing here is settled. Real risks remain around Hyperliquid, and the regulatory landscape is still being written in real time, so we won' t claim victory too soon. But what we can say with confidence is that Hyperliquid and Trade[XYZ] have outpaced any expectation anyone reasonably had for them, and did it through some of the toughest market conditions this year has produced. Seeing them consistently bring new growth drivers, new ways to create value for traders and investors everywhere, is not something we take for granted. What they are building is unprecedented in financial history, and we get to witness it happen. This is a story about rewriting the financial infrastructure the world has relied on for decades, and watching Hyperliquid and Trade[XYZ] change the playbook on what that infrastructure can even look like is genuinely amazing to be close to. We're grateful to be in this position, inside this ecosystem, watching it unfold right in front of us. And we're confident this is only the beginning: there is more to witness quarter over quarter, year over year, because this story is just getting started. Huge thanks to everyone involved within HRC for putting this together. Huge thanks to @guru__hl as well, @hl_eco clearly is the best partner we could have wished for. Hyperliquid.

.@tradexyz's tokenised equity and commodity markets maintained tighter spreads than Hyperliquid's crypto perp markets in Q2. Median for median, 3.57 bps against 5.44. We collaborated with @HyperliquidR on the 2026 Trade[XYZ] Q2 Report. If you trade on Hyperliquid, this one's for you.

2026 Trade[XYZ] Q2 Report Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report. While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%. Quarterly volume rose 79.2% to $202.36B. More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it. Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy. Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.

HRC has a new home Hyperliquid doesn't spend time explaining itself, it just builds. That's why, when we launched HRC in November 2025, the best research on it was scattered across a dozen timelines, and nobody trying to underwrite this thing had a place to start. We began by collecting that work in one place. Then came flagship reporting, the 2025 Annual Report, 2026 quarterly reports for Hyperliquid and @tradexyz.Last week, live financials with @hl_eco. -- Today the site catches up to what HRC has become: - Research: Over 70 pieces from contributors across the ecosystem, on HIP-3 microstructure, HIP-4 outcome markets, DAT mechanics, policy, valuation, and HyperEVM. - Reporting: Every quarterly and annual, in one place. - Data: Hyperliquid at a glance. Income statement, revenue by segment, peer comps, HIP-3 and HIP-4 activity, the vehicles. Live from - Contribute: HRC is an open platform. No paywalls, no gated reports, no allowlist. If you do serious work on Hyperliquid, there's a form and we read all of it. -- Hyperliquid became the most successful protocol in crypto faster than the market could catch up, and getting the rest of finance up to speed is why HRC exists. We're not affiliated with the core team, nobody pays us to be bullish, and nothing we publish is investment advice, which is less a disclaimer than the reason any of these numbers are worth reading at all. Hyperliquid. HRC.

HRC and HL Eco are pleased to launch this HYPE Q2 2026 Financials Results Summary. A ~1 min video walking through the most important Hyperliquid metrics and their QoQ growth: protocol revenue, volume, OI, HIP-3, DATs, users, etc. Full report below, and find all these metrics directly on Hyperliquid.

2026 Hyperliquid Q2 Report Today, we're excited to release Hyperliquid's 2026 Q2 Report. While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it. More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.

"Many Men" by 50 Cent is a deliberate reference to everyone and every entity that has doubted Hyperliquid, or hoped to see it fail. Hyperliquid's answer has been to keep building, and to keep proving them wrong. Dashboard made with love by @guru__hl, @GLC_Research & @FourPillarsFP🤍

Today, HL Eco and HRC are incredibly excited to launch the new "Hyperliquid Financials" dashboard. The core reason we built HRC is that Hyperliquid intentionally leaves an information gap. They don't spend time on this, they're just busy building. That information asymmetry clearly affects how the market understands and values Hyperliquid. We started this journey by aggregating the best Hyperliquid research in one place and publishing financial reporting (hyperliquid:native and Trade[XYZ] quarterly/annual reports). Today we're taking that mission a step further, moving to live reporting. It's no secret TradFi is paying close attention to @HyperliquidX and @tradexyz. But that attention needs clear, accessible data, the kind that lets investors, analysts, and every other stakeholder do more than just read the raw numbers. With this, you get the most meaningful information on Hyperliquid in one place, CSV downloads for the underlying data, and analytical and projection tools to help you interpret it. No more raw data and nothing else. This will be improved even further with your feedback. We want this to be the Hyperliquid financials dashboard you've always wanted, so if you have suggestions or want to collaborate, we're all ears. Community is what Hyperliquid has been about from the start. Collaborative work by people who genuinely want to see it succeed in housing all of finance. We're incredibly happy to now be close partners with @hl_eco; this dashboard is what happens when two teams that actually want to provide value build together. Hyperliquid. HRC. HL Eco.

Priority fees have been a huge success for Hyperliquid, generating more than $5M in cumulative revenue for $HYPE. On a 14-day and 30-day average basis, they're already tracking at an annualized run rate of over $30M in buybacks, representing roughly 7% of $HYPE's total revenue. That's a big deal considering how early priority fees still are. We're expecting that figure to continue growing and potentially reach $50–100M annually by EoY. Market conditions have been challenging for exchanges across the board, with subdued volumes and low volatility. Despite that, Hyperliquid has remained incredibly resilient with priority fees, HIP-3 / Trade[XYZ] dominating the RWA perps market and $USDC AQAv2. When volumes and volatility return, watch out. Hyperliquid is extremely well positioned and has continued to consistently take market share from CEXs, even in one of the toughest trading environments we've seen in a while. @HyperliquidR × @hl_eco — $HYPE Financials launching soon. Hyperliquid.