Hyperliquid's total processing fees increased 31% to $419 million in the first half of the year, and HYPE's valuation is close to traditional trading platforms

In comparison, Hyperliquid released its performance analysis for the first half of 2026. According to the data, its total transaction fee revenue in the first half of the year reached US$419.3 million, an increase of 31% over the previous year; the average daily active users increased by about 90%, and the trading volume reached US$1.29 trillion in the first half of the year, and the monthly transaction volume reached US$266.5 billion in June.

However, Hyperliquid's core protocol revenue fell 3.8% year over year from $3175 million in the first half of 2025 to $305.3 million. The main reason is the rapid expansion of the HIP-3 market. The mechanism allows external teams to launch markets such as stocks, commodities, and pre-IPO assets based on Hyperliquid infrastructure and receive 50% transaction fees. Currently, HIP-3 has contributed 11.2% of total processing fee revenue.

In the derivatives market, Hyperliquid's open contracts are about $9.1 billion, accounting for 10.3% of the global cryptocurrency perpetual contract market, up 24.8% year over year; in the on-chain perpetual contract market, its share reached 54.5%, more than other on-chain platforms combined.

In terms of valuation, if the annual HYPE token issuance cost of about US$309 million is included, HYPE's price-earnings ratio after issuance adjustments is about 23 times, which is basically about 24.5 times the average of traditional exchange peers such as CME, CBOE, Interactive Brokers, and Coinbase. The report predicts that if the USDC reserve revenue cooperation is implemented, it may bring about $135 million to $160 million in additional revenue to Hyperliquid each year and be used for HYPE repurchases.

According to the report, Hyperliquid's growth in the second half of the year still faces competition and regulatory risks, including the HIP-3 market's high dependence on a single developer, and markets such as stocks and pre-IPO assets facing regulatory uncertainty. However, HIP-4 predicts new businesses such as markets, options products, and USDC reserve earnings, which may further broaden its revenue sources.