The Research Hub for Hyperliquid. $HYPE Financials: hl.eco/financials By @GLC_Research and @FourPillarsFP Not part of or affiliated to Hyperliquid.
Hyperliquid.
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2026 Hyperliquid Q2 Report
Today, we're excited to release Hyperliquid's 2026 Q2 Report.
While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.
More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.
Enjoy the read. Some excerpts below, with the link to the full PDF.
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Hyperliquid Community Dinner Seoul
September 28, Seoul, invitation only.
Expect builders and traders deep in the Hyperliquid ecosystem, liquid funds, VCs, researchers, a serious contingent from tradfi, and folks from the HL labs who'll be in Seoul that week.
Highest signal HL room of KBW week.
Part 1 - Private dinner, 6:30–8:00 PM
Part 2 - Community mingle, 8:00–10:00 PM
Organized by @HyperliquidR, @spacebarxyz, and @christyhwchoi.
Hosted by @HypurrCorea and Hyperliquid Korea.
Research partner @FourPillarsFP and @DeSpreadTeam.
100 per part ↓
RSVP here: luma.com/5ltxvfi7
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Reposting this banger to celebrate new $HYPE ATH.
Is there anyone left doubting Hyperliquid?
"Many Men" by 50 Cent is a deliberate reference to everyone and every entity that has doubted Hyperliquid, or hoped to see it fail. Hyperliquid's answer has been to keep building, and to keep proving them wrong.
Dashboard made with love by @guru__hl, @GLC_Research & @FourPillarsFP🤍
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Hyperliquid Research Collective (HRC) retweeted
: : Hyperliquid Seminar Korea 🇰🇷
An invite-only institutional seminar on Hyperliquid and onchain finance, bringing together Korean financial leaders, builders, researchers, and the global Hyperliquid ecosystem.
📅 Sep 28, 14:00-17:30
🧑🤝🧑 Host: @hypurrcorea
🎓Research Partner: @HyperliquidR (@FourPillarsFP & @GLC_Research)
luma.com/eei081l4
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Hyperliquid Research Collective (HRC) retweeted
La Rentrée Hyperliquid France ! 23 septembre, Paris.
Talks, panel en français, networking avec les équipes qui construisent sur Hyperliquid.
Merch exclusif : 80 pièces, une par invité. Pas de réassort.
Et une annonce importante côté Hyperliquid France.
Un grand merci à @ProprXYZ de nous accompagner sur cet event en tant que headline sponsor.
RSVP ↓
luma.com/rgw64y5z
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Hyperliquid Research Collective (HRC) retweeted
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
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Hyperliquid Research Collective (HRC) retweeted
Hyperliquid opened HIP-4 to outside venues on August 29 and daily volume tripled in three days, from a $545,000 August average to $1.97 million on August 31.
Two venues posted 500k HYPE bonds and drew from the 7 validator-approved templates. Outcome took 85% of volume behind a $1 million rebate program paying roughly a cent for every dollar traded. Skew took 1%.
Hyperliquid settles outcomes against prices its own validators publish every 3 seconds and holds them in the same account as $13.6 billion of perpetual open interest, so a binary can hedge a perp on the identical mark with no basis risk. Neither Kalshi nor Polymarket can offer that.
Nothing HIP-4 lists today engages the CFTC's gaming screen, so US access turns on registration. Sports, which was 91% of the layer's largest session ever, would add the public interest test on top of it.
Full piece here:
hyperliquidresearch.xyz/rese…
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Hyperliquid opened HIP-4 to outside venues on August 29 and daily volume tripled in three days, from a $545,000 August average to $1.97 million on August 31.
Two venues posted 500k HYPE bonds and drew from the 7 validator-approved templates. Outcome took 85% of volume behind a $1 million rebate program paying roughly a cent for every dollar traded. Skew took 1%.
Hyperliquid settles outcomes against prices its own validators publish every 3 seconds and holds them in the same account as $13.6 billion of perpetual open interest, so a binary can hedge a perp on the identical mark with no basis risk. Neither Kalshi nor Polymarket can offer that.
Nothing HIP-4 lists today engages the CFTC's gaming screen, so US access turns on registration. Sports, which was 91% of the layer's largest session ever, would add the public interest test on top of it.
Full piece here:
hyperliquidresearch.xyz/rese…
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Join the HRC Telegram to make sure you don't miss any upcoming research, reports, or new features on our dashboard.
t.me/HyperliquidR
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Hyperliquid Research Collective (HRC) retweeted
Hyperliquid open interest keeps hitting 2026 highs, $13.8 billion as of yesterday.
The USDC collateral base is growing right alongside it, now around $6.5 billion, up 36.8% from the start of the year.
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Hyperliquid Research Collective (HRC) retweeted
Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them.
Final week of Q2, same rule on both books:
▫️Trade[XYZ] RWA markets: 3.57 bps median spread
▫️Hyperliquid crypto perps: 5.44 bps
In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts.
Most of these contracts are months old, and the book they went through is one of the tightest in the industry.
They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example.
Hyperliquid.
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
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Hyperliquid Research Collective (HRC) retweeted
Great report guys, RWA is really proving itself. Glad we could help. 🫡
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
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Hyperliquid Research Collective (HRC) retweeted
We feel genuinely fortunate to be the ones covering Hyperliquid and Trade[XYZ] this closely right now.
Watching how fast things are moving has brought us real joy this quarter, and we don' t say that lightly.
Nothing here is settled. Real risks remain around Hyperliquid, and the regulatory landscape is still being written in real time, so we won' t claim victory too soon. But what we can say with confidence is that Hyperliquid and Trade[XYZ] have outpaced any expectation anyone reasonably had for them, and did it through some of the toughest market conditions this year has produced.
Seeing them consistently bring new growth drivers, new ways to create value for traders and investors everywhere, is not something we take for granted.
What they are building is unprecedented in financial history, and we get to witness it happen.
This is a story about rewriting the financial infrastructure the world has relied on for decades, and watching Hyperliquid and Trade[XYZ] change the playbook on what that infrastructure can even look like is genuinely amazing to be close to. We're grateful to be in this position, inside this ecosystem, watching it unfold right in front of us.
And we're confident this is only the beginning: there is more to witness quarter over quarter, year over year, because this story is just getting started.
Huge thanks to everyone involved within HRC for putting this together. Huge thanks to @guru__hl as well, @hl_eco clearly is the best partner we could have wished for.
Hyperliquid.
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
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Hyperliquid Research Collective (HRC) retweeted
Always a pleasure to contribute to this beautiful ecosystem!
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
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Hyperliquid Research Collective (HRC) retweeted
.@tradexyz's tokenised equity and commodity markets maintained tighter spreads than Hyperliquid's crypto perp markets in Q2. Median for median, 3.57 bps against 5.44.
We collaborated with @HyperliquidR on the 2026 Trade[XYZ] Q2 Report. If you trade on Hyperliquid, this one's for you.
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
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you cannot understand hyperliquid without understanding tradexyz.
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
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2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
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Special thanks to @hyunsujung_ @dschamis @JeroenNieuwkoop @rediamondjr @B__Harvest, @hypurr_co for sponsoring HRC,
@BradBourque @salahghazzal from @HyperliquidPC for the quotes and daily support,
@ArrakisFinance & @GRZ_Research for contributing to this Q2 report,
@guru__hl from @hl_eco for providing most the data (hl.eco/financials)
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