The Hyperliquid Research Collective (HRC) team has published a quarterly report on Hyperliquid's results for July-September 2026. The document records growth in revenue, trading activity, and interest in tokenized financial instruments, and also describes the platform's progress toward the American market. At the same time, access for users from the United States remained closed at the end of the quarter.

3Q26 Hyperliquid Quarterly Report

Our Q3 report on Hyperliquid is out today.

On August 19, President Trump told a room of technology and crypto executives at the White House that the CFTC was working to bring Hyperliquid to the United States. Less than a month later, Kraken’s parent proposed a US derivatives venue on Hyperliquid, with Bitnomial as its operator. The proposal was still awaiting regulatory approval at quarter-end.

股票在HIP-3上超过了商品，平均每天有65,161名交易者使用Hyperliquid，创下季度纪录。协议收入较第二季度增长21.7%，达到1.909亿美元。Hyperliquid于8月27日开始从USDC储备收入中分得一部分。在短短一个多月内，这增加了1,730万美元，约占该季度收入增长的一半。

The Assistance Fund spent $149M buying HYPE in Q3. Would some of that money have been better spent growing the exchange? We put that question to Syncracy Capital’s Sunny Shi (@defi_monk). In the foreword, he makes the case for buybacks and explains why he expects independent teams building on Hyperliquid to drive more of its growth.

A few excerpts below, along with the full PDF.

Hyperliquid.

— Hyperliquid Research Collective (HRC) (@HyperliquidR) November 12, 2026

According to the report, protocol revenue amounted to $190.87 million — 21.7% more than in Q2, but 36.5% less year-over-year. Of this amount, $17.26 million came from USDC reserve income, which began accruing on August 27. Without this component, trading and network revenue equaled $173.61 million, increasing by 10.7% quarter-over-quarter.

Activity is growing, and stocks are outperforming commodities

The average number of active traders per day reached 65,161 — 20% more than in the previous quarter and the third consecutive record figure. Total trading volume amounted to $730.6 billion (+9.3%), while open interest at the end of September rose by 79.9% — to $16.76 billion.

Separately, HRC noted the development of HIP-3 markets, which allow third-party teams to launch their own trading venues on Hyperliquid's infrastructure. Their volume for the quarter increased by 23% — to $262 billion, or 35.9% of the platform's total derivatives trading volume.

At the same time, the structure of these markets changed: equities overtook commodities and accounted for 58.8% of HIP-3 volume. Equity trading reached $153.8 billion — 2.6 times more than in the previous quarter, while the volume of commodity assets shrank by 47.7%, to $45.6 billion.

Volume of HIP-3 by asset classes in Q3.

Despite the segment's expansion, it remains concentrated: the Trade[XYZ] platform accounted for 98.9% of HIP-3 volume in Q3. Other operators, including EntropyIO, Paragon, and Markets by Kinetiq, had significantly smaller shares.

US, HYPE buyouts and the role of third-party teams

One of the main regulatory events of the quarter was US President Donald Trump's statement on August 19. He announced that the CFTC is working to ensure Hyperliquid's entry into the American market in a fully legal manner.

On September 16, Kraken's parent company — Payward — presented a proposal to launch a platform for American clients based on HIP-3. Bitnomial is to become the operator, and NinjaTrader Clearing will provide client access. At the end of September, the initiative was still awaiting regulatory approval. At the same time, the HRC emphasized that Trump's statement itself does not mean obtaining a permit.

Another topic of discussion was the expenditures of the Assistance Fund. Over the quarter, the fund spent $148.68 million to buy back 2.04 million HYPE at an average price of $72.93. This is 26.4% fewer tokens than in the previous quarter, despite a 5.7% increase in expenditures.

HIP-4: How do prediction markets work on Hyperliquid?

07.05.2026

Read

In the preface to the report, Syncracy Capital investor Sunny Shi explained why he considers buybacks important for the current development model:

"At the early stages, we believe that token buybacks are exactly the form of capital distribution needed to offset these costs."

At the same time, Shi expects that independent teams building products on top of Hyperliquid will play an increasingly large role in the ecosystem's growth. He cited Trade[XYZ] and Kinetiq as examples and noted that some of these teams already surpass Hyperliquid Labs itself in scale.

The report also recorded a 27.2% increase in stablecoin supply on HyperEVM — to $7.1 billion. At the same time, HyperEVM's total value locked decreased by 17.4% over the quarter, to $1.19 billion. This demonstrates that an increase in activity and stablecoin volumes is not necessarily accompanied by growth in TVL.

After winter: who returned to the market during the last rally and how does this cycle differ from previous ones?

30.10.2026

Read

Recall that last month, Hyperliquid founder Jeff Yan proposed a model for regulating the platform in the US under which requirements would apply to trading venue operators rather than to the blockchain itself.

Later, the New York Stock Exchange operator Intercontinental Exchange (ICE) agreed with Trade[XYZ] to launch a regulated market for perpetual futures based on Hyperliquid, providing for a strategic investment in the company and the acquisition of a minority stake.

At the same time, Grayscale analysts recorded a diversification of the platform's revenue: in September, out of approximately $105 million in total inflows, $38 million was provided by third-party trading markets, partner interfaces, and income from USDC reserves.