Hyperliquid closed the second quarter of 2026 with one of the strongest performances in the digital asset industry, according to its recent report.
Its native HYPE token surged 79.2% to a new all-time high despite a broad downturn across the crypto market.
According to the protocol's newly released Q2 report, HYPE reached a record price of $76.90 on June 16. In the meantime, Bitcoin declined 14.1% during the same period.
Hyperliquid described the divergence as its second straight quarter of significant outperformance, arguing that the market is beginning to value HYPE as a cash-generating protocol rather than simply another high-beta crypto asset.
The report states that HYPE gained 93% relative performance over Bitcoin in Q2.
Recovering revenue
April marked the weakest month under its current fee structure before activity rebounded sharply. By June, monthly revenue had climbed 52% above April's trough, putting the protocol on an annualized revenue run rate of approximately $840 million.
The recovery was largely driven by higher trading volumes. Hyperliquid also revealed that cumulative holder revenue surpassed $1 billion by the end of the quarter.
Overhauled stablecoin infrastructure
On May 14, the protocol retired USDH and selected Coinbase-developed USDC as its primary quote asset. The transition was completed after validators approved governance proposal QAQv2 on June 12, with 69.1% of staked HYPE voting in favor.
The report estimates that adopting USDC could generate approximately $135 million to $200 million in annualized holder yield under prevailing interest rates. Accrued interest from platform USDC will flow into the Assistant Fund every 30 days.
US spot ETFs
Hyperliquid also took note of the successful launch of the first three U.S. spot HYPE ETFs within an eight-week period. These included 21Shares THYP on May 12, Bitwise BHYP on May 15, and Grayscale HYPG on June 3.
Together, the ETFs accumulated $309 million in net inflows by the end of the quarter.
The report also noted that Hyperliquid Strategies generated $152.5 million in fiscal-quarter net income and increased its treasury holdings to 29.3 million HYPE.
U.Today Editorial Team
Dan Burgin
