Hyperliquid released an analysis of its results for the first half of 2026 on Aug. 21, according to BlockBeats.
The report said total fee revenue reached $419.3 million in the first six months of the year, up 31% year over year. Average daily active users increased about 90%, and first-half trading volume totaled $1.29 trillion. June alone accounted for $266.5 billion in trading volume.
Core protocol revenue fell as HIP-3 expanded
Despite higher total fee revenue, core protocol revenue moved in the opposite direction. It declined from $317.5 million in the first half of 2025 to $305.3 million in the first half of 2026, a year-over-year drop of 3.8%.
The report attributed that decline mainly to the rapid expansion of HIP-3 markets. Under that mechanism, outside teams can launch markets for equities, commodities and pre-IPO assets using Hyperliquid infrastructure and receive 50% of the trading fees. HIP-3 now contributes 11.2% of total fee revenue, the report said.
Share in derivatives and on-chain perpetuals
In derivatives, Hyperliquid's open interest stood at about $9.1 billion, equal to 10.3% of the global crypto perpetual futures market, with year-over-year growth of 24.8%.
In the on-chain perpetual futures segment, its market share reached 54.5%, exceeding the combined total of other on-chain platforms, according to the report.
HYPE valuation approaches traditional exchange comps
On valuation, the report said that after including about $309 million in annualized HYPE token issuance costs, HYPE trades at roughly 23 times issuance-adjusted earnings. That compares closely with an average multiple of about 24.5 times for traditional exchange peers including CME Group, Cboe, Interactive Brokers and Coinbase.
Report flags new revenue opportunities and risks
The report estimated that if a USDC reserve yield partnership is implemented, it could bring Hyperliquid an additional $135 million to $160 million in annual revenue and direct that income toward HYPE buybacks.
It also said second-half growth still faces competition and regulatory risk. The report specifically pointed to HIP-3 markets' relatively high reliance on a single developer, as well as regulatory uncertainty around markets tied to equities and pre-IPO assets.
At the same time, the report said newer businesses including HIP-4 prediction markets, options products and USDC reserve yield could widen Hyperliquid's revenue base.