Hyperliquid Research Collective said in its report for the second quarter of 2026 that trading in real-world asset perpetuals kept expanding on Hyperliquid, with HIP-3-related volume rising from 1.8% in an earlier quarter to 20.7%, then reaching 32.2% in Q2. The report said quarterly volume in that segment hit $213 billion, accounting for nearly one-third of total platform volume. It also said the Hyperliquid ecosystem drew more attention from traditional finance during the quarter, with three HYPE ETFs already starting to trade and offering access for institutional investors that cannot directly custody tokens. According to the report, fund managers including Hyperliquid Strategies continued building HYPE reserves, and funds together with related treasuries now hold about 7.7% of HYPE supply. On price performance, HYPE gained 79% in Q2 and hit an all-time high of $76.90, while Bitcoin fell 14% over the same period. Protocol revenue, the report added, resumed growth after bottoming in April, with monthly revenue reaching $169 million at the end of the quarter and cumulative protocol revenue surpassing $1 billion, including $141 million returned to holders through buybacks.
Hyperliquid Research Collective (HRC) said in its report for the second quarter of 2026 that real-world asset (RWA) perpetual trading on Hyperliquid continued to grow.
According to the report, HIP-3-related trading volume share climbed from 1.8% in a previous quarter to 20.7%, then rose again to 32.2% in Q2. Quarterly trading volume for that segment reached $213 billion, or nearly one-third of the platform’s total volume.
HRC said the Hyperliquid ecosystem drew more attention from traditional finance during Q2. Three HYPE exchange-traded funds have already begun trading, giving institutional investors that cannot directly custody tokens a way to gain exposure.
The report also said asset managers including Hyperliquid Strategies continued to build HYPE reserves. Funds and related treasuries now hold about 7.7% of the token’s supply.
On market performance, HYPE gained 79% during Q2 and reached an all-time high of $76.90. Bitcoin fell 14% over the same period.
On revenue, the report said Hyperliquid protocol revenue resumed growth after bottoming in April. Monthly revenue reached $169 million at the end of the quarter, while cumulative protocol revenue surpassed $1 billion. Of that amount, $141 million was returned to holders through buybacks.
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