Hyperliquid's HYPE token surged 79.2% in Q2 2026 to a record $76.90, even as Bitcoin fell 14.1% over the same stretch, according to the protocol's new quarterly report. Hyperliquid points to rising revenue, a stablecoin swap and three new U.S. ETFs behind the divergence, while separately moving to double its HIP-3 market revenue through new fee controls.
HYPE gained 79.2% in Q2 2026 to a record $76.90 on June 16, according to Hyperliquid's newly released Q2 report. Bitcoin, by contrast, dropped 14.1% over the same three months. The token outperformed Bitcoin by 93% in relative terms during the quarter.
Hyperliquid called the run its second straight quarter of significant outperformance. The protocol argued that the market is beginning to value HYPE as a cash-generating protocol rather than another high-beta crypto asset.
Revenue climbs off an April trough
April was the weakest month under Hyperliquid's current fee structure. But activity rebounded sharply: by June, monthly revenue had climbed 52% above April's trough, pushing the protocol to an annualized run rate of approximately $840 million.
The recovery was largely driven by higher trading volumes. Cumulative holder revenue topped $1 billion by quarter's end.
USDC replaces USDH as quote asset
On May 14, Hyperliquid retired USDH and named Coinbase's USDC as its primary quote asset. USDC is a stablecoin, and validators completed the switch by approving governance proposal QAQv2 on June 12, with 69.1% of staked HYPE in favor.
The report estimates the move could generate approximately $135 million to $200 million in annualized holder yield at prevailing interest rates. Accrued interest from platform USDC will flow into the Assistant Fund every 30 days.
Spot ETFs draw $309 million
Three U.S. spot HYPE ETFs launched within an eight-week span: 21Shares' THYP on May 12, Bitwise's BHYP on May 15 and Grayscale's HYPG on June 3. Together, the funds pulled in $309 million in net inflows by quarter's end. Hyperliquid Strategies, meanwhile, posted $152.5 million in fiscal-quarter net income and grew its treasury to 29.3 million HYPE.
New fee controls target HIP-3 revenue
Hyperliquid, a decentralized exchange for perpetual futures, also plans ticker-level fee controls on its HIP-3 markets that could double annualized revenue from $70 million to $140 million, according to estimates by Ryan Watkins. The plan would cut the current fee discount from 90% to 80%. The payoff still depends on trading volume holding steady, since a smaller discount could raise fee revenue only if volume doesn't fall.
Prediction markets currently price Hyperliquid's odds of reaching $100 by the end of 2026 at 18%, unchanged from the previous day but down from 22% a week earlier.
Sources: U.Today, Crypto Briefing
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