Hyperliquid Analysis Collective (HRC) reported on Thursday broad growth throughout Hyperliquid’s key working metrics in Q2 despite a decline in revenue, as adoption of its HIP-3 ecosystem and HYPE token continued to speed up.
Hyperliquid revenue drops amid surge in buying and selling exercise
The agency noted that holder revenue declined 4.7% QoQ to $142.88 million, whereas protocol revenue fell 6.6% to $169.37 million, in accordance with a Thursday report.
In distinction, matched buying and selling quantity rose 2.7% to $662.4 billion, common open curiosity climbed 25.4% to $8.68 billion, and each day energetic perpetual merchants elevated 19.8% to 54,294.
The report acknowledged that the divergence between declining holder revenue and bettering working metrics mirrored “Growth Mode” pricing.
Among the many quarter’s largest developments was the fast enlargement of HIP-3 perpetual markets tied to real-world belongings (RWAs). HIP-3 deployer quantity jumped 59.6% QoQ to $213.3 billion, with its share of Hyperliquid’s matched buying and selling quantity growing from 1.8% a yr earlier to 32.2% in Q2. Finish-of-quarter HIP-3 open curiosity additionally rose 47.2% to $3.09 billion.
Hyperliquid additionally highlighted that deployer quantity reached roughly one-third of complete matched quantity because the market shifted past commodities into fairness indices, pre-IPO contracts and semiconductor-related belongings.
HYPE outperforms crypto market as institutional adoption grows
HYPE additionally outperformed the broader crypto market through the quarter. The token gained 79.2% and reached an all-time excessive of $76.90 on June 16, whereas Bitcoin declined 14.1% over the identical interval.
“Whereas the remainder of the crypto market stagnated, HIP-3 allowed Hyperliquid and its customers to take part within the volatility round key commodities akin to gold, silver and oil, with entry obtainable globally 24/7,” mentioned Hyunsu Jung, CEO of Hyperion DeFi.
The quarter additionally marked Hyperliquid’s transition from its native USDH stablecoin to USDC underneath its AQAv2 framework.
The report additionally pointed to bettering monetary developments despite decrease quarterly revenue. April marked the weakest month underneath the platform’s present charge mannequin, however revenue recovered steadily by means of the quarter, with June changing into Hyperliquid’s strongest month since November 2025.
Native perpetual revenue reached $58.97 million in June, whereas new precedence charges contributed $2.94 million throughout their first quarter after launch. Cumulative holder revenue additionally surpassed $1 billion by the tip of June.
Past protocol exercise, Hyperliquid strengthened its place in conventional monetary markets. Three US spot HYPE ETFs launched inside eight weeks, attracting $309 million in cumulative internet inflows by quarter-end. The report additionally famous that Hyperliquid Methods generated $152.5 million in quarterly internet earnings whereas increasing its HYPE treasury.
“In our view the market has begun to underwrite Hyperliquid as a cash-generative protocol somewhat than as high-beta crypto publicity, and the quarter’s fundamentals supported that remedy,” the report acknowledged.
Despite the optimistic knowledge, HYPE started declining from the $70 stage in early July, with a 21% drop over the previous 30 days.
HYPE is buying and selling at $56, down 1.8% up to now 24 hours on the time of writing.
