Hyperliquid (HYPE) is showing steep growth in trading volume and user metrics in the first half of 2026, increasing its influence in the on-chain derivatives market. In particular, it has secured a high share of the perpetual futures market, widening its advantage in the competition among decentralized trading platforms.

■ Fees Exceed $400 Million... Users Up 90%

According to recently released data, Hyperliquid's total fees for the first half of this year reached $419.3 million, up about 31% from $320 million in the same period last year. Over the same period, average daily active users grew by roughly 90%, and total trading volume for the first half reached $1.29 trillion. Trading volume in June alone recorded $266.5 billion.

■ 54.5% Share of On-Chain Perpetual Futures

Its dominance in the on-chain perpetual futures market is also notable. Hyperliquid's share of decentralized perpetual futures open interest was tallied at 54.5%. This is considered larger than the combined size of the remaining major on-chain competing platforms. Based on the entire cryptocurrency perpetual futures market, Hyperliquid's open interest stands at about $9.1 billion, a share of around 10.3%.

■ Protocol Revenue Down 3.8%... Impact of HIP-3

However, headline growth and actual protocol revenue showed somewhat different trends. Hyperliquid's core protocol revenue fell about 3.8%, from $317.5 million in the first half of last year to $305.3 million this year. This is analyzed as reflecting the dispersion of fees caused by the expansion of HIP-3, which allows external development teams to open new markets such as stocks, commodities, and pre-IPO assets. HIP-3 currently accounts for about 11.2% of total fees.

■ Expansion into the RWA Market

Hyperliquid's expansion direction is also extending beyond cryptocurrency into real-world assets (RWA). RWA perpetual contract trading volume in the second quarter of this year recorded about $213 billion, and its share of total platform trading has grown rapidly. The background cited is expanding demand for trading traditional financial assets such as stocks and commodities in an on-chain environment.

■ Remaining Challenges: Revenue Structure and Competitive and Regulatory Risks

The market sees Hyperliquid's expansion beyond a simple decentralized exchange into derivatives trading infrastructure as a key variable. If high trading volume and user growth continue, the fee base of the HYPE ecosystem could broaden, but the pursuit of competing platforms and changes in the regulatory environment remain burdens. In particular, the simultaneous appearance of rising headline fees and declining core protocol revenue is something to examine when assessing the future revenue structure. Whether trading volume expansion translates into actual HYPE ecosystem value, and whether HIP-3 and new products can generate additional revenue streams, are expected to be the key variables in the next growth phase.

[This article was written with AI assistance. Cryptocurrencies and derivatives are high-risk investment subjects with significant price volatility and leverage risk. This article does not recommend the purchase or sale of any specific cryptocurrency or trading strategy, and investment decisions and responsibilities lie with the investor.]