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BTC 
HYPE Highlights
The Hyperliquid report showed that HYPE surged 79.2% in the second quarter of 2026, while Bitcoin fell 14.1%, demonstrating significant market overperformance.
Revenue recovered, with revenue increasing 52% in June from its April low. At the same time, USDC successfully replaced USDH and completed the upgrade of the agreed stablecoin infrastructure.
Three U.S. spot HYPE ETFs attracted net inflows of US$309 million, with treasury holdings reaching 29.3 million HYPEs this quarter.
Hyperliquid's HYPE tokens outperformed the broader market in the second quarter of 2026
Driven by revenue growth, institutional participation and exchange-traded fund demand, HYPE tokens rose 79.2% in the second quarter of 2026, outperforming the broader cryptocurrency market. According to Hyperliquid's latest quarterly report, Bitcoin fell 14.1% over the same period, highlighting that HYPE's market lead has further expanded.
The report shows that HYPE hit a record high of US$76.90 on June 16, achieving a relative excess return of 93% compared with Bitcoin. This is also the second consecutive quarter that it has recorded strong gains. In addition, Hyperliquid attributed this performance to investors increasingly viewing HYPE as a revenue-generating asset rather than a highly volatile cryptocurrency, and improved financial performance further reinforced the shift in market perception.
The agreement also reported that cumulative holder revenue had exceeded US$1 billion by the end of the quarter, reflecting that platform activity remained active despite the weakness of the overall digital asset market.
Income recovery and USDC transition help ecological development
April became the weakest month for Hyperliquid after revising its fee structure, but trading activity recovered steadily in subsequent months as market participation increased. The report showed that monthly revenue in June was 52% higher than the April low, and through stronger trading volume, the agreement achieved an annualized revenue operating rate of approximately US$840 million.
In addition to revenue growth, Hyperliquid also completed a major upgrade to its stablecoin infrastructure, discontinued USDH on May 14, and selected USDC developed by Coinbase as its main bidding asset. The validators approved the governance proposal QAQv2 on June 12 with a pledge HYPE support rating of 69.1%. According to the report, adopting USDC could generate annualized benefits of US$135 million to US$200 million per year for holders at current interest rates.
In addition, interest generated from the platform's USDC balance will flow into the auxiliary fund every 30 days, adding another source of recurring value to HYPE holders and the broader ecosystem.
Spot HYPE ETFs attract institutional capital inflows
During the quarter, institutional participation further expanded with the launch of three U.S. spot HYPE exchange-traded funds. The report shows that 21Shares launched THYP on May 12, Bitwise launched BHYP on May 15, and Grayscale launched HYPG on June 3. These three investment products had a cumulative net inflow of US$309 million before the end of the quarter.
In addition, Hyperliquid reported that HyperliquidStrategies achieved net income of US$152.5 million in the fiscal quarter, and the company also increased its treasury position to 29.3 million HYPEs during the reporting period. The quarter showed stronger operating performance in multiple areas including revenue generation, stablecoin infrastructure, institutional investment and treasury growth. These results consolidate HYPE's market strength and support Hyperliquid's position as one of the highest-grossing agreements in the digital asset space.
