Hyperliquid Reports $169M Q2 Revenue as HIP-3 RWA Perpetuals Reach 32% of Trading Volume

Hyperliquid generated approximately $169 million in protocol revenue during the second quarter, allocating about $141 million to buybacks, according to its quarterly report. The latest results brought the protocol’s cumulative revenue to more than $1 billion.

The report also showed continued growth in trading activity tied to HIP-3-related real-world asset (RWA) perpetual contracts. The products accounted for 32.2% of platform trading volume in the second quarter, up from 1.8% two quarters earlier, with quarterly volume reaching $213 billion.

Separately, Hyperliquid said three HYPE exchange-traded funds (ETFs) began trading during the quarter. Funds and related treasuries collectively held about 7.7% of HYPE’s total supply during the period.

Source: Hyperliquid (Q2 2026 Report)