Hyperliquid's total trading volume in the first half of the year increased by 31% to $419 million, bringing the HYPE valuation closer to that of traditional exchanges.

BlockBeats News, August 21st, Hyperliquid released its performance analysis for the first half of 2026. The data shows that its total transaction fee revenue for the first half of the year reached $419.3 million, a 31% year-on-year growth; the average daily active users increased by about 90%, with the first half of the year's transaction volume reaching $1.29 trillion, and the monthly transaction volume in June reaching $266.5 billion.

However, the core protocol revenue of Hyperliquid decreased from $317.5 million in the first half of 2025 to $305.3 million, a 3.8% year-on-year decrease. The main reason is the rapid expansion of HIP-3 market, which allows external teams to launch markets such as stocks, commodities, and pre-IPO assets based on the Hyperliquid infrastructure, and receive 50% of the transaction fees. Currently, HIP-3 has contributed 11.2% of the total transaction fee revenue.

In the derivatives market, Hyperliquid's open interest in perpetual contracts is about $9.1 billion, accounting for 10.3% of the global cryptocurrency perpetual contract market, a 24.8% year-on-year growth; in the on-chain perpetual contract market, its share has reached 54.5%, surpassing the sum of other on-chain platforms.

In terms of valuation, if the issuance cost of approximately $309 million annualized HYPE tokens is included, the adjusted P/E ratio of HYPE is about 23 times, which is close to the average of around 24.5 times of traditional exchanges such as CME, CBOE, Interactive Brokers, and Coinbase. The report estimates that if the USDC reserve yield cooperation is implemented, it may bring Hyperliquid an additional revenue of about $135 million to $160 million per year, which will be used for HYPE repurchase.

The report points out that Hyperliquid's growth in the second half of the year still faces competitive and regulatory risks, including the high dependence of the HIP-3 market on individual developers, and regulatory uncertainty in markets such as stocks, IPO pre-assets, etc. However, new businesses such as HIP-4 forecasting market and options products, USDC reserve yield, may further broaden its sources of income.