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.
