Hyperliquid closed the second quarter of 2026 with one of many strongest performances within the digital asset business, in response to its latest report.
Its native HYPE token surged 79.2% to a brand new all-time excessive regardless of a broad downturn throughout the crypto market.
In line with the protocol’s newly launched Q2 report, HYPE reached a file value of $76.90 on June 16. Within the meantime, Bitcoin declined 14.1% throughout the identical interval.
Dogecoin (DOGE), XRP, Hyperliquid (HYPE) and Bitcoin (BTC) Value Evaluation For August 5: Market’s Try to Regain Relevancy
Former SEC Boss Behind Ripple Lawsuit Sworn In as Intelligence Chief
Hyperliquid described the divergence as its second straight quarter of serious outperformance, arguing that the market is starting to worth HYPE as a cash-generating protocol relatively than merely one other high-beta crypto asset.
The report states that HYPE gained 93% relative efficiency over Bitcoin in Q2.
Recovering income
April marked the weakest month underneath its present charge construction earlier than exercise rebounded sharply. By June, month-to-month income had climbed 52% above April’s trough, placing the protocol on an annualized income run price of roughly $840 million.
You Would possibly Additionally Like
The restoration was largely pushed by increased buying and selling volumes. Hyperliquid additionally revealed that cumulative holder income surpassed $1 billion by the tip of the quarter.
Overhauled stablecoin infrastructure
On Could 14, the protocol retired USDH and chosen Coinbase-developed USDC as its main quote asset. The transition was accomplished after validators accepted governance proposal QAQv2 on June 12, with 69.1% of staked HYPE voting in favor.
The report estimates that adopting USDC might generate roughly $135 million to $200 million in annualized holder yield underneath prevailing rates of interest. Accrued curiosity from platform USDC will move into the Assistant Fund each 30 days.
US spot ETFs
Hyperliquid additionally took observe of the profitable launch of the primary three U.S. spot HYPE ETFs inside an eight-week interval. These included 21Shares THYP on Could 12, Bitwise BHYP on Could 15, and Grayscale HYPG on June 3.
Collectively, the ETFs accrued $309 million in web inflows by the tip of the quarter.
The report additionally famous that Hyperliquid Methods generated $152.5 million in fiscal-quarter web earnings and elevated its treasury holdings to 29.3 million HYPE.