Hyperliquid Q2: RWA contracts account for 32% of trading volume

Hyperliquid publishes its quarterly report for the second quarter of 2026, and the figures show a striking shift. HIP-3 RWA perpetual contracts now account for 32.2% of total trading volume, while the protocol’s cumulative revenues pass the $1 billion mark.

Hyperliquid (HYPE) is available at Bitvavo and OKX.

In brief:

• HIP-3 RWA perpetual contracts grow from 1.8% to 32.2% of total trading volume on Hyperliquid
• The protocol generates $169.37 million in revenue in Q2 2026, of which $140.66 million flows back via buybacks
• Three HYPE ETFs launch, and funds collectively hold around 7.7% of the total HYPE supply

RWA contracts capture a third of the platform

The most striking development in the Hyperliquid quarterly report is the rise of HIP-3 perpetual contracts, which are based on real world assets. Just two quarters ago, these contracts represented only 1.8% of trading volume. In Q2 2026, the figure stands at 32.2%, with quarterly volume of $213.3 billion. That is nearly a third of the total traded volume on the platform.

Total trading volume on Hyperliquid comes to $662.4 billion in Q2 2026. That is a slight increase of 2.7% compared with the previous quarter, but a decline of 1.1% year on year. Traditional perpetuals, by contrast, continue to fall, with quarterly volume of $432.9 billion. That is a decrease of 12.7% from Q1 2026 and a drop of as much as 33.1% compared with a year earlier.

Revenue and buybacks

Hyperliquid generates protocol revenue of $169.37 million in Q2 2026. That is slightly less than in the previous quarter and also lower than a year ago, down 6.6% and 11.8% respectively. Still, cumulative revenues cross the $1 billion mark this quarter.

Of the total revenue, $140.66 million goes towards buying back HYPE tokens through the Assistance Fund. In total, the protocol buys back around 2.77 million HYPE tokens in Q2 2026, a decline of 43.9% compared with the previous quarter. The Assistance Fund itself holds 45.56 million HYPE at the end of the quarter, growth of 6.4% quarter on quarter. That means the fund holds 78.6% more tokens year on year. The HYPE price currently stands at $55.80, down 3.0% in the past 24 hours.

ETFs and institutional interest

Besides the trading data, Hyperliquid also reports a number of institutional developments. Three HYPE ETFs launch this quarter. Funds and so-called treasuries collectively hold around 7.7% of the total HYPE supply, reflecting the growing institutional interest in the platform.

Average open interest rises to $8.68 billion in Q2 2026, an increase of 25.4% from Q1 and a rise of 55% year on year. Spot volume comes to $16.2 billion, a slight growth of 5.3% quarter on quarter, although that is still 27% lower than a year ago. The full report can be viewed here.