Using FDV to value $HYPE doesn't make much sense.

We've been pretty vocal about this for a long time, yet we still see people relying on FDV over and over again.

We're glad Hyperliquid Strategies has released a framework explaining how they calculate the Outstanding Token Supply (OTS) of HYPE, and we're happy to have contributed to the discussion.

https://x.com/HyperliquidR/status/2066506931649355959?s=20

"I used to be a hater of Hyperliquid. The first time I started learning about it was at the beginning of 2024, and it didn't click. Just some perp DEX on Arbitrum (like there were dozens of them elsewhere) with heavy centralization issues, closed-source node code, etc."

"This essay is about exactly how Hyperliquid is different, not only from perp DEXes and CEXes, but also from almost every other protocol in this space, and why you should at least get familiar with it."

https://x.com/HyperliquidR/status/2070408676620349676?s=20

HPC and Phantom Ask the CFTC to Make Room for Onchain Market Infrastructure

"We can modernize our financial infrastructure without giving up the protections that intermediaries have historically been tasked to provide.

Self-custody and transparent onchain systems let us build those protections into the technology itself while regulated intermediaries keep responsibility for the things technology cannot solve on its own."

https://x.com/HyperliquidR/status/2075305726768042192?s=20

Hey guys, we've just published our new $HYPE Financial Dashboard - Made by HRC and HL Eco.

Have a look, it's great. Hyperliquid.

https://x.com/HyperliquidR/status/2082119100629668256?s=20

Trade[XYZ] continues to hit new highs.

The 7-day EMA just reached a new ATH at 50.7%, the 14-day EMA is now at 47.8%, and the 30-day EMA has climbed to a record 43.3%.

Yesterday, Trade[XYZ] also accounted for more than 65% of Hyperliquid's total volume.

The data speaks for itself.

https://x.com/HyperliquidR/status/2082805725546336489?s=20

We just shipped new charts on the HYPE Financials dashboard, built by HL Eco and HRC.

You can now track team unlock behavior against modeled vesting schedules and project forward based on how the team has actually behaved to date.

https://x.com/GLC_Research/status/2084664827532767315?s=20

https://hl.eco/financials/supply/team-unlocks

Today, we're excited to release Hyperliquid's 2026 Q2 Report.

While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.

More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.

Enjoy the read. Some excerpts below, with the link to the full PDF.

Hyperliquid.

https://x.com/HyperliquidR/status/2084927526724636740?s=20

https://www.hyperliquidr.xyz/report/hyperliquid-2026-q2-report

HRC and HL Eco are pleased to launch this HYPE Q2 2026 Financials Results Summary.

A ~1 min video walking through the most important Hyperliquid metrics and their QoQ growth

https://x.com/HyperliquidR/status/2085394398641098765?s=20

HPC Files Statement in Connection with CFTC Agricultural Advisory Committee Meeting

https://www.hyperliquidr.xyz/post/hpc-files-statement-in-connection-with-cftc-agricultural-advisory-committee-meeting

https://x.com/HyperliquidR/status/2085712924501266871?s=20

New website for HRC.

Incredibly proud of everything we've built so far and all the meaningful relationships we've formed along the way.

All we're focused on is providing as much value as possible to everyone who shares our belief in the vision that Hyperliquid will house all of finance.

Hyperliquid. HRC.

https://x.com/HyperliquidR/status/2087113648133333342?s=20

HPC and Douro Labs Back the SEC's Move to Retire the Trade-Through Rule
Written by HPC

"The SEC is considering retiring a rule that has shaped U.S. equity market structure for decades.

HPC and Douro Labs explain why this could be a major step forward for onchain markets, from tokenized equities to execution on Hyperliquid."

Read the full article through the link below, along with all articles written by HPC covering the
$HYPE
regulatory landscape.

Everything you need to understand the evolving regulatory environment for perpetual derivatives and
$HYPE is now available on the HRC website.

https://x.com/HyperliquidR/status/2089659214507438421?s=20

HPC and trade[XYZ] Introduce Pre-IPO Perpetuals to the SEC
Written by @HyperliquidPC & @tradexyz

"Americans should have access to pre-IPO perpetuals. Cerebras opened 89% above its IPO price. SK Hynix 14%. SpaceX 11%. Each time, a public market on Hyperliquid signaled the gap before trading began.IPO modernization offers a chance to put that price signal to work for issuers and investors.

Today, with @tradexyz, we filed a joint comment letter introducing pre-IPO perpetuals (IPOPs) to the SEC. Inside, we describe the five IPOP markets that trade[XYZ] has launched so far on Hyperliquid and outline the questions that the SEC must resolve before these markets can serve Americans."

Read it & full letter below.

https://x.com/HyperliquidR/status/2089689754480627725?s=20

$PURR mNAV is back above 1

https://x.com/HyperliquidR/status/2090116936877195450?s=20

« I understand that, Mike (CFTC Chair) is also working very hard to bring Hyperliquid into the United States in a fully compliant and legal fashion » Trump

https://x.com/HyperliquidR/status/2090168382955937943?s=20

$PURR mNAV is now back at 1.14

Historically, $PURR trading at mNAV has always meant one thing: selling shares to buy more $HYPE.

https://x.com/HyperliquidR/status/2090388757987922133?s=20

HYPE Regulatory Overhang Is Gone: Onwards and Upwards
Written by GLC


"Yesterday Trump named Hyperliquid directly from the White House: Selig at the CFTC is working to bring it into the US, fully compliant and legal.

That single sentence removes the biggest overhang standing between
$HYPE
and its full thesis playing out: access to the largest capital market on earth. The fundamentals were already strong. Now the ceiling just got a lot higher. Here's why."

Read it below.

https://x.com/HyperliquidR/status/2090479699978060203?s=20

Happy HYPE ATH to those who celebrate.

Hyperliquid.

Builder code revenue just hit a YTD ATH

https://x.com/GLC_Research/status/2091530762692538629?s=20

For a product trading hundreds of billions in volume, perpetual contracts still don't have a settled answer to the most basic question under U.S. law: are they futures, or are they swaps?

One federal judge described the exercise as deciding "whether tetrahedrons belong in square or round holes".

In a new comment letter to the SEC and CFTC, @HyperliquidPC argues the fix has been sitting in plain sight: treat qualifying equity perpetuals as security futures, a category both agencies already oversee, and let exchanges compete on execution instead of jurisdiction.

The stakes: more than $480 billion in perpetual contract volume that's traded on Hyperliquid over the past ten months alone, waiting on a framework that lets it come onshore.

Letter and article available below.

https://x.com/HyperliquidR/status/2091864676283945362?s=20

Another $5M inflow day yesterday on the HYPE ETFs, right in line with the thesis laid out in our last piece.

Hyperliquid Strategies' onchain activity also suggests they've been using that mNAV premium to buyback more $HYPE.

In the meantime, a new HIP-3 deployer, Entropy, also launched, consistent with the thesis that with the regulatory overhang gone, the universe of assets, deployers, and builders only expands from here.

https://x.com/HyperliquidR/status/2092255887482057179?s=20

Perpetual Derivatives aren't a crypto side-quest, they're a better-designed derivative, and that's the whole thesis of this piece from Syncracy Capital.

No expiries, no strikes, no theta decay. Just linear, continuous leverage that does what it says on the tin — available 24/7, unlike an options chain or an opaque CFD desk. That simplicity is why retail options volume already tops 50% of all U.S. options activity and CFD volume runs $1T+ a month: people want exposure.

The case for DEXs winning this shift comes down to structure. Legacy market infrastructure fragments trading across intermediaries that can't unify margin the way a perp DEX does natively. Hyperliquid alone is running near $1B annualized revenue on ~99% margins with a 12-person team: software economics applied to an exchange.

The number that matters: perp DEXs are still under $40B in fully diluted value against an ~$8T daily options/futures/CFD pool. Capturing even 1% of that volume is a $3-7B annual revenue business for the winners.

Full piece here.

https://x.com/HyperliquidR/status/2092636556016177167