上半年总手续费收入同比增31%至4.19亿美元，Hyperliquid HYPE估值接近传统交易平台

Odaily News: Hyperliquid has released its performance analysis for the first half of 2026. The data shows that its total fee revenue for the first half of the year reached $419 million, representing a 31% year-over-year increase; daily active users grew approximately 90%, with trading volume reaching $1.29 trillion in the first half and $266.5 billion in June alone. Core protocol revenue declined from $317.5 million in the first half of 2025 to $305.3 million, a year-over-year decrease of 3.8%. This was primarily due to the rapid expansion of HIP-3 markets, which allow external teams to launch markets for stocks, commodities, and pre-IPO assets on Hyperliquid's infrastructure while retaining 50% of trading fees. Currently, HIP-3 contributes 11.2% of total fee revenue. In the derivatives market, Hyperliquid's open interest stands at approximately $9.1 billion, accounting for 10.3% of the global cryptocurrency perpetual contract market—up 24.8% year-over-year. Its market share in the on-chain perpetual contract space has reached 54.5%, exceeding the combined share of all other on-chain platforms. In terms of valuation, when factoring in approximately $309 million in annualized HYPE token issuance costs, HYPE's issuance-adjusted price-to-earnings ratio stands at roughly 23x, approaching the average of approximately 24.5x for traditional trading platforms such as CME, CBOE, Interactive Brokers, and Coinbase. The report projects that if a USDC reserve yield partnership materializes, it could generate an additional $135 million to $160 million in annual revenue for Hyperliquid, which could be used for HYPE buybacks. The report also notes that Hyperliquid's growth in the second half faces competitive and regulatory risks, including HIP-3 markets' heavy reliance on individual developers, as well as regulatory uncertainty surrounding markets for stocks and pre-IPO assets. Additionally, new initiatives such as HIP-4 prediction markets, options products, and USDC reserve yields may further diversify its revenue streams.