GRZ

DeFi, Microstructure & Derivatives Research

Contributing to @HyperliquidR

background in Asset Pricing, Machine Learning and Agentic AI

[GRZ @GRZ_Research]

After chatting with many teams about their development and the current state of their projects, the next @HyperliquidX House of all Finance paper is finally here.

(https://t.co/jqH8HwcyG4)

[Anchorage Digital ⚓️ @Anchorage]

HYPE DATs hold 31 million tokens, or 13.3% of circulating supply. For comparison, BTC sits at 4.9% and SOL at 2.8%. Corporate treasury adoption is moving at a speed that is rewriting market structure in real time.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

HRC and HL Eco are pleased to launch this HYPE Q2 2026 Financials Results Summary.

A ~1 min video walking through the most important Hyperliquid metrics and their QoQ growth: protocol revenue, volume, OI, HIP-3, DATs, users, etc.

Full report below, and find all these metrics directly on https://t.co/9YhJX63POE

Hyperliquid.

[David Schamis @dschamis]

I look forward to reading these every quarter. Another excellent job by HRC.

@HypeStrat @HyperliquidX $PURR

[Hyperliquid Research Collective (HRC) @HyperliquidR]

2026 Hyperliquid Q2 Report

Today, we're excited to release Hyperliquid's 2026 Q2 Report.

While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.

More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.

Enjoy the read. Some excerpts below, with the link to the full PDF.

Hyperliquid.

[GRZ @GRZ_Research]

@mztacat What about extended?

[Quote @quotemarkets]

We’re excited to announce the launch of Quote in Private Alpha, the first ultra-performant modular execution stack purpose-built for CLOBs.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

Trade[XYZ] continues to hit new highs.

The 7-day EMA just reached a new ATH at 50.7%, the 14-day EMA is now at 47.8%, and the 30-day EMA has climbed to a record 43.3%.

Yesterday, Trade[XYZ] also accounted for more than 65% of Hyperliquid's total volume.

The data speaks for itself.

[Grayscale @Grayscale]

$HYPE trades at a forward multiple of ~15-18x.

@HyperliquidX has real cash flows, so it can be valued like a stock, but on earnings per token, not earnings per share. On that basis it still looks cheap versus fintech peers like $COIN, $HOOD and $CRCL.

Learn more on the Stack: https://t.co/RJfi2UxjA2

[GRZ @GRZ_Research]

Dream of every Quant/Data Analyst
Big shoutout to @HyperliquidR and @guru__hl , love to see this Financial Dashboard!

[Hyperliquid Research Collective (HRC) @HyperliquidR]

Today, HL Eco and HRC are incredibly excited to launch the new "Hyperliquid Financials" dashboard.
https://t.co/9YhJX63POE

The core reason we built HRC is that Hyperliquid intentionally leaves an information gap. They don't spend time on this, they're just busy building.

That information asymmetry clearly affects how the market understands and values Hyperliquid. We started this journey by aggregating the best Hyperliquid research in one place and publishing financial reporting (hyperliquid:native and Trade[XYZ] quarterly/annual reports).

Today we're taking that mission a step further, moving to live reporting.

It's no secret TradFi is paying close attention to @HyperliquidX and @tradexyz. But that attention needs clear, accessible data, the kind that lets investors, analysts, and every other stakeholder do more than just read the raw numbers.

With this, you get the most meaningful information on Hyperliquid in one place, CSV downloads for the underlying data, and analytical and projection tools to help you interpret it.

No more raw data and nothing else.

This will be improved even further with your feedback. We want this to be the Hyperliquid financials dashboard you've always wanted, so if you have suggestions or want to collaborate, we're all ears.

Community is what Hyperliquid has been about from the start. Collaborative work by people who genuinely want to see it succeed in housing all of finance. We're incredibly happy to now be close partners with @hl_eco; this dashboard is what happens when two teams that actually want to provide value build together.

Hyperliquid. HRC. HL Eco.

[Quote @quotemarkets]

https://t.co/BDNjlEpiAF

[P Equity Research 📰 @pequityresearch]

Nice overview of the AI infrastructure value chain by Morgan Stanley.

$NVDA $AMD $INTC $GOOGL $AMZN $META $DELL

[ali @waterloo_intern]

https://t.co/aivc7B4A7Z

[Kimi.ai @Kimi_Moonshot]

Releasing the model weights and technical report of Kimi K3.

Kimi K3 is our most capable model: a 2.8T MoE model with native visual understanding and a 1M-token context window.

New model architecture: 2.5x the intelligence per unit of compute, not just more params.

Alongside Kimi K3, we're opening up more of the stack behind it — high-performance attention kernels, MoE communication library, and infrastructure for running agent environments at scale.

Model weights: https://t.co/7m7eEg6Y0B
Tech report: https://t.co/yeu6cjpMCT
Tech blog: https://t.co/YTfiMSNM1f

[DAN KOE @thedankoe]

https://t.co/OPGS7HUKaG

[GRZ @GRZ_Research]

@zephyr_z9 Bro stop giving me fomo

[GLC @GLC_Research]

Priority fees have been a huge success for Hyperliquid, generating more than $5M in cumulative revenue for $HYPE.

On a 14-day and 30-day average basis, they're already tracking at an annualized run rate of over $30M in buybacks, representing roughly 7% of $HYPE's total revenue. That's a big deal considering how early priority fees still are.

We're expecting that figure to continue growing and potentially reach $50–100M annually by EoY.

Market conditions have been challenging for exchanges across the board, with subdued volumes and low volatility. Despite that, Hyperliquid has remained incredibly resilient with priority fees, HIP-3 / Trade[XYZ] dominating the RWA perps market and $USDC AQAv2.

When volumes and volatility return, watch out.

Hyperliquid is extremely well positioned and has continued to consistently take market share from CEXs, even in one of the toughest trading environments we've seen in a while.

@HyperliquidR × @hl_eco — $HYPE Financials launching soon.

Hyperliquid.

[GRZ @GRZ_Research]

Rysk it all!

[Dan Rysk @DanDeFiEd]

Thanks to the entire Rysk community and everyone who believed in us.

It's hard to believe we've crossed $1B in positions opened, considering that just a year ago Rysk was fighting to survive.

[GRZ @GRZ_Research]

@HYPEconomist Quote that

[Claude @claudeai]

The Claude Security plugin for Claude Code is now available in beta.

Scan your changes for vulnerabilities before you commit, or run a full scan across your codebase, all from your terminal on the Claude inference you already run.

[Grayscale @Grayscale]

Hyperliquid meets Wall Street.

The house of all finance is accelerating. Yesterday, @a16zcrypto, @GoldmanSachs, @Bloomberg, @jpmorgan, and @multicoin came to listen. Grayscale gave them the $HYPG story.

Hyperliquid.