Hyperliquid Research Collective published its report for Q3 2026. Key metrics:
- Protocol revenue totaled $190.9 million (+21.7% QoQ, −36.5% YoY). Of this, $173.6 million came from trading and network fees, while another $17.3 million came from USDC reserve income.
- $148.7 million was allocated to HYPE buybacks (+5.7% QoQ). However, the number of tokens repurchased fell by 26.4% as the average purchase price rose to $72.93.
- HIP-3 trading volume reached $262 billion. Stock perpetual futures accounted for $153.8 billion (+161% QoQ), or 58.8% of turnover. In September, the trade[XYZ] platform generated 97.5% of HIP-3 volume.
- The average daily number of traders reached a record 65,161 (+20% QoQ). Fee revenue for third-party applications through Builder Codes grew 50% to $25 million.
- Coinbase integrated Hyperliquid into Base App, giving users access to perpetual futures through shared order books.
- Kraken is considering entering the US market through HIP-3. Its parent company, Payward, announced plans to use the regulated exchange Bitnomial to launch a venue on Hyperliquid infrastructure. At quarter-end, the project was awaiting regulatory approval.
The report also highlighted the risk of trading tokenized stocks outside regular exchange hours. In July, a failure in the mechanism for determining the reference price of SK hynix futures led to $57.4 million in liquidations.
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