Hyperliquid reports strong Q2 growth despite revenue decline
- The Hyperliquid Research Collective released a Q2 report detailing that the trading volume share of HIP-3-related RWA perpetual contracts increased from 1.8% to 32.2%.
- Holder revenue fell 4.7% QoQ, while matched volume, open interest, daily active users and HYPE price increased.
- HYPE outperformed Bitcoin during the quarter, gaining 79.2% against BTC's 14.1% loss.
Hyperliquid Research Collective (HRC) reported on Thursday broad growth across Hyperliquid's key operating metrics in Q2 despite a decline in revenue, as adoption of its HIP-3 ecosystem and HYPE token continued to accelerate.
Hyperliquid revenue drops amid surge in trading activity
The firm noted that holder revenue declined 4.7% QoQ to $142.88 million, while protocol revenue fell 6.6% to $169.37 million, according to a Thursday report.
In contrast, matched trading volume rose 2.7% to $662.4 billion, average open interest climbed 25.4% to $8.68 billion, and daily active perpetual traders increased 19.8% to 54,294.
The report stated that the divergence between declining holder revenue and improving operating metrics reflected "Growth Mode" pricing.
Among the quarter's biggest developments was the rapid expansion of HIP-3 perpetual markets tied to real-world assets (RWAs). HIP-3 deployer volume jumped 59.6% QoQ to $213.3 billion, with its share of Hyperliquid's matched trading volume increasing from 1.8% a year earlier to 32.2% in Q2. End-of-quarter HIP-3 open interest also rose 47.2% to $3.09 billion.
Hyperliquid also highlighted that deployer volume reached roughly one-third of total matched volume as the market shifted beyond commodities into equity indices, pre-IPO contracts and semiconductor-related assets.
HYPE outperforms crypto market as institutional adoption grows
HYPE also outperformed the broader crypto market during the quarter. The token gained 79.2% and reached an all-time high of $76.90 on June 16, while Bitcoin declined 14.1% over the same period.
“While the rest of the crypto market stagnated, HIP-3 allowed Hyperliquid and its users to participate in the volatility around key commodities such as gold, silver and oil, with access available globally 24/7,” said Hyunsu Jung, CEO of Hyperion DeFi.
The quarter also marked Hyperliquid's transition from its native USDH stablecoin to USDC under its AQAv2 framework.
The report also pointed to improving financial trends despite lower quarterly revenue. April marked the weakest month under the platform's current fee model, but revenue recovered steadily through the quarter, with June becoming Hyperliquid's strongest month since November 2025.
Native perpetual revenue reached $58.97 million in June, while new priority fees contributed $2.94 million during their first quarter after launch. Cumulative holder revenue also surpassed $1 billion by the end of June.
Beyond protocol activity, Hyperliquid strengthened its position in traditional financial markets. Three US spot HYPE ETFs launched within eight weeks, attracting $309 million in cumulative net inflows by quarter-end. The report also noted that Hyperliquid Strategies generated $152.5 million in quarterly net income while expanding its HYPE treasury.
"In our view the market has begun to underwrite Hyperliquid as a cash-generative protocol rather than as high-beta crypto exposure, and the quarter's fundamentals supported that treatment,” the report stated.
Despite the positive data, HYPE began declining from the $70 level in early July, with a 21% drop over the past 30 days.
HYPE is trading at $56, down 1.8% in the past 24 hours at the time of writing.
