Hyperliquid (HYPE) has been boosting both its trading volume and user metrics since the start of 2026, strengthening its presence in the on-chain derivatives market. In particular, as it maintains a high market share in perpetual futures trading, market attention is focused on how quickly the platform's revenue structure can expand.

Z988-Crypto, active in the CoinMarketCap community, recently cited Hyperliquid's first-half growth metrics, assessing that its competitive edge in the on-chain perpetual futures market is becoming increasingly pronounced.

■ First-Half Fees of $419.3 Million... Trading Volume of $1.29 Trillion

According to data released by 21Shares, Hyperliquid's total fees for the first half of 2026 amounted to approximately $419.3 million, a 31% increase from the same period last year.

User metrics also rose. Over the same period, average daily active users grew by about 90%, and total first-half trading volume reached $1.29 trillion. June alone recorded $266.5 billion in trading volume.

■ 54.5% Market Share in On-Chain Perpetual Futures

Hyperliquid shows particular strength in the on-chain perpetual futures market. According to relevant data, its market share in this segment has climbed to 54.5%. This can be interpreted as the effect of Hyperliquid having secured trading liquidity and a user base early, as on-chain-based derivatives trading expands.

■ Protocol Revenue Diverges from Top-Line Growth

However, the platform's actual revenue trends somewhat diverged from its overall growth. Core protocol revenue for the first half stood at $305.3 million, down 3.8% year-on-year.

The decline was attributed to the rapid expansion of HIP-3, which allows external teams to open markets for stocks, commodities, and unlisted assets, creating a structure in which a portion of trading fees is shared with external participants.

■ Derivatives Competition Expands to Forex and Commodities

The scope of the derivatives market itself is also broadening from crypto to forex and commodities. On the 19th, BingX added CHFJPY, XAUINR, XAUSGD, and USDTHB to its perpetual futures trading list. With even products combining gold and forex included among trading instruments, cryptocurrency exchanges' derivatives offerings are expanding into traditional financial assets.

Such changes could become a new competitive variable for on-chain derivatives platforms, including Hyperliquid. This is because competition may intensify beyond simply securing trading volume in crypto perpetual contracts to broadening product offerings into forex, commodities, and stocks.

Ultimately, in assessing Hyperliquid's future trajectory, it is necessary to consider together ▲the growth trend of overall trading volume and fees ▲whether actual protocol profitability improves ▲the pace of HIP-3-based market expansion ▲and the ability to maintain its market share in on-chain perpetual futures.

[This article was written with AI assistance. Cryptocurrencies and cryptocurrency derivatives are subject to high price volatility, and leveraged trading can amplify losses. This article is not intended to encourage the purchase or sale of any specific cryptocurrency or derivative; investment decisions and responsibility rest solely with the investor.]