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 Planet Daily News Hyperliquid released its performance analysis for the first half of 2026. Data shows that its total fee revenue in the first half reached $419 million, a year-on-year increase of 31%; daily active users grew approximately 90%, with trading volume in the first half reaching $1.29 trillion and June's monthly trading volume hitting $266.5 billion. Core protocol revenue fell from $317.5 million in the first half of 2025 to $305.3 million, a year-on-year decline of 3.8%. The main reason is the rapid expansion of the HIP-3 market, a mechanism that allows external teams to launch markets for stocks, commodities, and pre-IPO assets based on Hyperliquid infrastructure, receiving 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, a year-on-year increase of 24.8%; its share of the on-chain perpetual contract market reached 54.5%, exceeding the combined total 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 is approximately 23x, close to the average of approximately 24.5x for traditional trading platforms such as CME, CBOE, Interactive Brokers, and Coinbase. The report estimates that if the USDC reserve yield partnership materializes, it could bring approximately $135 million to $160 million in additional annual revenue to Hyperliquid, which could be used for HYPE buybacks. The report notes that Hyperliquid's second-half growth still faces competitive and regulatory risks, including HIP-3 markets' high dependence on individual developers, as well as regulatory uncertainty surrounding markets for stocks and pre-IPO assets. Additionally, new businesses such as the HIP-4 prediction market, options products, and USDC reserve yields may further diversify its revenue streams.