Hyperliquid Strategies, traded on Nasdaq under the ticker PURR, was added to the Russell 3000 and Russell 2000 on June 30 after previously entering the S&P Global BMI Index. Following those index milestones and the launch of HYPE-related ETFs, newly disclosed 13F filings show a wider group of institutions either initiating or increasing positions in PURR, which Odaily frames as an indirect route to HYPE token and Hyperliquid ecosystem exposure. The filings highlight several notable holders. Duquesne, Stanley Druckenmiller’s family office, disclosed a $23 million stake. Renaissance Technologies reported roughly 2.4 million shares worth about $18.7 million. Slate Path Capital held around 2.7 million shares valued at about $21.4 million, while Discovery Capital Management disclosed roughly $10.3 million. Balyasny Asset Management held about $3 million, and Brazil-based Wealth High Governance Capital reported PURR accounting for about 1.82% of its portfolio, valued near $17.1 million. Odaily also points to passive buying after PURR’s index inclusion. Vanguard added about 843,000 shares in the second quarter, and Nuveen added about 1.07 million shares. MarketBeat data cited in the article put total institutional buying of PURR in Q2 2026 at about $142 million. The piece argues that interest in PURR has broadened from early crypto arbitrage firms to quant funds, hedge funds, and traditional Wall Street institutions.

Hyperliquid is posting bigger trading numbers even as the revenue that supports HYPE has been shrinking. Open interest on the platform climbed above $11 billion on July 13, the highest level recorded for Hyperliquid in 2026, while 30-day perpetual futures volume approached $178 billion. Including centralized venues, the platform now accounts for about 9% of global perpetual open interest, up from less than 7% at the end of May. The revenue line has moved the other way. DeFiLlama data cited in the report shows Hyperliquid protocol revenue peaked at roughly $357 million in the third quarter of 2025, then fell quarter by quarter to $295 million, $217 million and about $202 million in the second quarter of 2026. That leaves revenue down 43% from the peak even as trading activity keeps rising. The report links the gap to HIP-3, a change that lets outside builders launch their own perpetual markets on Hyperliquid’s order book by staking 500,000 HYPE, worth about $28 million at current prices, and keep as much as half of trading fees. Those externally deployed markets have grown from 2% of perpetual volume at the start of 2026 to nearly 50% now. Much of that growth has come from RWA-linked perpetuals, including oil, gold, Nvidia, Tesla, Nasdaq 100 trackers and contracts tied to private companies such as SpaceX.

Hyperliquid is posting record activity, yet the economics behind that growth are becoming less favorable for the platform itself. Open interest on the exchange rose above $11 billion on July 13, the highest level recorded by Hyperliquid in 2026, while total perpetuals volume over the past 30 days approached $178 billion. The venue now accounts for about 9% of global perpetual futures open interest when centralized exchanges are included, up from less than 7% at the end of May. Revenue has moved in the opposite direction. DeFiLlama data shows Hyperliquid protocol revenue peaked at about $357 million in the third quarter of 2025, then fell quarter after quarter to $295 million, $217 million and roughly $202 million in the second quarter of 2026. The drop from the peak stands at 43% even as trading activity keeps rising. A key reason is HIP-3, which lets outside developers launch their own perpetual markets on Hyperliquid’s order book by staking 500,000 HYPE, worth about $28 million at current prices, and keep as much as half of trading fees. Those third-party markets represented just 2% of perpetual volume at the start of 2026 and are now close to 50%, with RWA-linked contracts driving much of the expansion. That shift has lifted headline trading metrics, but it has also redirected more fees away from Hyperliquid and reduced the buyback power supporting HYPE.

Hyperliquid is posting record derivatives activity, with open interest rising above $11 billion on July 13 and 30-day perpetual futures volume nearing $178 billion. Its share of global open perp positions has climbed to roughly 9%, up from under 7% in late May. Yet the platform’s gross protocol revenue has moved the other way, falling from about $357 million in Q3 2025 to around $202 million in Q2 2026, according to DefiLlama. The main reason is HIP-3, a structure that lets qualified external builders launch their own perpetual markets on Hyperliquid’s order books and keep up to half the trading fees. Those builder-deployed markets accounted for about 2% of perp volume at the start of 2026 and now make up roughly half. Much of the growth has come from tokenized stocks and commodity perps, which reached $3.6 billion in open interest this month and, for one week in July, generated 52% of total platform volume. The expansion has strengthened user activity but also increased fee pass-through, dependence on a single deployer, and pressure on the buyback engine that supports HYPE.

According to Hyperliquid News monitoring, HypeStrat DAT spent $13.7 million to acquire 2.1 million PURR tokens, now valued at about $14.19 million. The strategy retains $132.9 million in cash and has an mNAV of 0.93x. The news was shared by ChainCatcher, citing Hyperliquid News data.

Blockworks analyst Shaunda Devens said on X that Wyoming's second-quarter 13F filing, released recently, reveals the state built an indirect exposure to HYPE via Hyperliquid Strategies ($PURR). The filing was flagged by ChainCatcher, which published the news as a flash update. The specific investment amount was not included in the headline report.

HypeStrat DAT has started buying PURR, according to monitoring cited by Odaily and tracked by HyperliquidNews. The purchase was linked to PURR’s mNAV falling below 1. Monitoring data shows that HypeStrat DAT spent $2.8 million to acquire 500,000 PURR. Based on the same tracked figures, the position was valued at about $3.159 million at the time referenced in the update. The report did not disclose any additional transaction details beyond the purchase size, cost, and valuation.

HypeStrat DAT has started buying PURR after its mNAV fell below 1, according to monitoring cited by ChainCatcher from Hyperliquid News. The tracked purchase totaled $2.8 million for 500,000 PURR. Based on the figures included in the brief, those holdings are now valued at about $3.159 million. The update was presented as a market monitoring alert rather than a broader analysis, and no additional transaction details were disclosed in the source. The report only states that the buying activity has already begun and links the move to mNAV being below 1.