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.

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.

HPC and Phantom Ask the CFTC to Make Room for Onchain Market Infrastructure Written by @HyperliquidPC "We can modernize our financial infrastructure without giving up the protections that intermediaries have historically been tasked to provide. Self-custody and transparent onchain systems let us build those protections into the technology itself while regulated intermediaries keep responsibility for the things technology cannot solve on its own."

HPC and Phantom Ask the CFTC to Make Room for Onchain Market Infrastructure Written by @HyperliquidPC "We can modernize our financial infrastructure without giving up the protections that intermediaries have historically been tasked to provide. Self-custody and transparent onchain systems let us build those protections into the technology itself while regulated intermediaries keep responsibility for the things technology cannot solve on its own."

We're very excited to announce that we'll be close partners with @hl_eco going forward. is one of the most comprehensive data platforms for Hyperliquid (if not the most comprehensive), and we're pleased to announce that we'll be working closely together to further improve the website and the data shared with users, analysts, investors, community members, and builders. The main reason behind this collaboration is how aligned @guru__hl is with the Hyperliquid ethos. We share the same vision and ambition: to provide as much value as possible to the Hyperliquid network. This collaboration makes a lot of sense in terms of the synergies and value we can create together, but most importantly, it makes a lot of sense on a human level. Hopefully, we'll be able to share more soon about what we've been working on with Guru, but we're incredibly excited to work closely with someone as aligned and as talented as he is. Hyperliquid.

We're very excited to announce that we'll be close partners with @hl_eco going forward. is one of the most comprehensive data platforms for Hyperliquid (if not the most comprehensive), and we're pleased to announce that we'll be working closely together to further improve the website and the data shared with users, analysts, investors, community members, and builders. The main reason behind this collaboration is how aligned @guru__hl is with the Hyperliquid ethos. We share the same vision and ambition: to provide as much value as possible to the Hyperliquid network. This collaboration makes a lot of sense in terms of the synergies and value we can create together, but most importantly, it makes a lot of sense on a human level. Hopefully, we'll be able to share more soon about what we've been working on with Guru, but we're incredibly excited to work closely with someone as aligned and as talented as he is. Hyperliquid.

We're joining forces with Hyperliquid Research Collective [@HyperliquidR]. The research hub and the data hub of Hyperliquid will build together. A powerful collaboration to make Hyperliquid easier to understand, and to contribute to its continued growth.

We're very excited to announce that we'll be close partners with @hl_eco going forward. is one of the most comprehensive data platforms for Hyperliquid (if not the most comprehensive), and we're pleased to announce that we'll be working closely together to further improve the website and the data shared with users, analysts, investors, community members, and builders. The main reason behind this collaboration is how aligned @guru__hl is with the Hyperliquid ethos. We share the same vision and ambition: to provide as much value as possible to the Hyperliquid network. This collaboration makes a lot of sense in terms of the synergies and value we can create together, but most importantly, it makes a lot of sense on a human level. Hopefully, we'll be able to share more soon about what we've been working on with Guru, but we're incredibly excited to work closely with someone as aligned and as talented as he is. Hyperliquid.

The Almanack of Hyperliquid Written by @paramonoww "I used to be a hater of Hyperliquid. The first time I started learning about it was at the beginning of 2024, and it didn't click. Just some perp DEX on Arbitrum (like there were dozens of them elsewhere) with heavy centralization issues, closed-source node code, etc." "This essay is about exactly how Hyperliquid is different, not only from perp DEXes and CEXes, but also from almost every other protocol in this space, and why you should at least get familiar with it."

The lads discuss why CoinGecko and CMC are both wrong on HYPE's supply. "Each answers a different question. We think neither is the right basis for evaluation." 1 billion genesis supply at the top. A narrow circulating supply at the bottom. Neither tells the full story, and fully diluted sits around $65B. The real number to watch is outstanding token supply. Team emissions, community rewards, and foundation allocations are not going to zero. "It's not like the team is never going to sell. They built a great product. They deserved to be rich. They earned it."

Using FDV to value hyperliquid:native doesn't make much sense. We've been pretty vocal about this for a long time, yet we still see people relying on FDV over and over again. We're glad @HypeStrat has released a framework explaining how they calculate the Outstanding Token Supply (OTS) of HYPE, and we're happy to have contributed to the discussion. Overall, we agree with the framework, but there are a couple of additional nuances worth highlighting. First, based on Q1 figures, the Hyperliquid team has only claimed around 5% of the tokens they were entitled to through the vesting schedule. While we believe it makes sense to include the full contributor allocation in OTS, the reality is that a large portion of that supply is unlikely to hit the market anytime soon, which further reduces effective selling pressure. Second, multiple HIP-3 deployers currently have 500,000 HYPE locked as part of the deployment requirements. Those tokens are included in OTS, but they are not freely tradable and therefore do not contribute to the actual float today. This distinction is important. While OTS is the right framework for valuation purposes, the effective float is meaningfully lower. More broadly, the key idea behind the framework is that future dilution should not be viewed in isolation. Community rewards and future emissions are intended to create value for the network. If deployed effectively, the value created should exceed the dilution introduced. Put differently, the goal is for $1 of incentives to generate more than $1 of value and future buybacks. Full article from @JeroenNieuwkoop below. Hyperliquid.