Hyperliquid Research Collective (HRC)

The Research Hub for Hyperliquid. $HYPE Financials: @GLC_Research and @FourPillarsFP

Not part of or affiliated to Hyperliquid.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

3Q26 Hyperliquid Quarterly Report

Our Q3 report on Hyperliquid is out today.

On August 19, President Trump told a room of technology and crypto executives at the White House that the CFTC was working to bring Hyperliquid to the United States. Less than a month later, Kraken’s parent proposed a US derivatives venue on Hyperliquid, with Bitnomial as its operator. The proposal was still awaiting regulatory approval at quarter-end.

Equities overtook commodities on HIP-3, and an average of 65,161 traders used Hyperliquid each day, a quarterly record. Protocol revenue rose 21.7% from Q2 to $190.9M. Hyperliquid began earning a share of USDC reserve income on August 27. In just over a month, that added $17.3M, roughly half the quarter’s revenue increase.

The Assistance Fund spent $149M buying HYPE in Q3. Would some of that money have been better spent growing the exchange? We put that question to Syncracy Capital’s Sunny Shi (@defi_monk). In the foreword, he makes the case for buybacks and explains why he expects independent teams building on Hyperliquid to drive more of its growth.

A few excerpts below, along with the full PDF.

Hyperliquid.

[David Schamis @dschamis]

My favorite time of the quarter - this is well worth reading.

Hyperliquid

@HyperliquidX @HypeStrat $PURR @HyperliquidPC

[Ponyo @ponyo_fp]

yet another hyperliquid quarterly report. always a grind but one of the most fun pieces to write!

enjoy!

[Four Pillars @FourPillarsFP]

: : [Investment/Report] 3Q26 Hyperliquid Quarterly Report
Written by @FourPillarsFP (@ponyo_fp), @GLC_Research

Q2 brought the first HYPE ETFs to US investors. In Q3, Coinbase began routing Base App perpetuals to Hyperliquid, and Kraken’s parent proposed using the same protocol to serve US clients. Under Payward’s plan, Bitnomial would operate a HIP-3 market on Hyperliquid. US approval was still pending at quarter-end.

Equities overtook commodities on HIP-3. Stock perpetuals traded $153.8B, up 161% from Q2 and nearly 59% of HIP-3 volume. Korean stocks helped drive the increase. They also put round-the-clock trading to the test. On July 28, a problem with the reference price for the SK hynix perpetual triggered $57.4M in liquidations while the Seoul market was closed.

Protocol revenue rose 22% from Q2 to $190.9M. Roughly half the increase came from USDC reserve income, which began accruing on August 27 and contributed $17.3M by quarter-end. HYPE closed the quarter at $90.94, up 40%. At those higher prices, the Assistance Fund spent 5.7% more on buybacks and acquired 26.4% fewer tokens.

This report is a product of the Hyperliquid Research Collective, the independent research hub founded by Four Pillars and GLC Research. We thank HypurrCollective, Hyperliquid Strategies, Hyperion DeFi, and Altus for their continued support.

[GLC @GLC_Research]

Always a pleasure to cover Hyperliquid. Quarter after quarter, it keeps getting more exciting to follow.

Q3 brought a lot of regulatory progress, and permissioned markets are coming.

Volume rose 9.3% to $730.6B and revenue grew 21.7% to $190.9M, helped by two new streams: the USDC reserve yield, live since August 27, and priority fees.

Annualizing September, Hyperliquid is now at roughly $1B in yearly revenue.

If you haven’t kept up with everything that happened over the last three months, this is the piece to read to catch up.

Hyperliquid.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

https://t.co/BUl8SHRViB

[Hyperliquid Research Collective (HRC) @HyperliquidR]

3Q26 Hyperliquid Quarterly Report

Our Q3 report on Hyperliquid is out today.

On August 19, President Trump told a room of technology and crypto executives at the White House that the CFTC was working to bring Hyperliquid to the United States. Less than a month later, Kraken’s parent proposed a US derivatives venue on Hyperliquid, with Bitnomial as its operator. The proposal was still awaiting regulatory approval at quarter-end.

Equities overtook commodities on HIP-3, and an average of 65,161 traders used Hyperliquid each day, a quarterly record. Protocol revenue rose 21.7% from Q2 to $190.9M. Hyperliquid began earning a share of USDC reserve income on August 27. In just over a month, that added $17.3M, roughly half the quarter’s revenue increase.

The Assistance Fund spent $149M buying HYPE in Q3. Would some of that money have been better spent growing the exchange? We put that question to Syncracy Capital’s Sunny Shi (@defi_monk). In the foreword, he makes the case for buybacks and explains why he expects independent teams building on Hyperliquid to drive more of its growth.

A few excerpts below, along with the full PDF.

Hyperliquid.

[Hyperliquid Research Collective (HRC) @HyperliquidR]

Special thanks to @HyperliquidPC (@BradBourque , @jchervinsky , @salahghazzal) for the thoughtful feedback and continuing support.

[GLC @GLC_Research]

Hyperliquid priority fees hit an all-time high this week.

Annualized run rate:

- 7-day average: $108.5M, up 86% from the previous high of $58.2M on September 24

- 30-day average: $64.2M

Priority fees keep growing as a share of Hyperliquid’s revenue: around 5% of revenue in Q3, 6.2% over the last 30 days and 7.9% over the last 14 days.