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

Priority fees just crossed $8M in total revenue for $HYPE, a revenue line that didn't exist five months ago.

▫️Annualize the last 7 days and it's already running at ~$50M a year in revenue and buybacks.

▫️For context, HIP-3 itself is doing roughly the same ~$50M annualized, even while running fees cut over 90% in Growth Mode.

Layer that onto everything else moving at once: other volume look like it has bottomed and is trending back up, the regulatory overhang just lifted with the US moving to bring Hyperliquid onshore, Hyperliquid Strategies is buying HYPE ATM sitting at a ~30% premium, and HYPE ETFs pulled in ~$25M yesterday alone, the single best day of the run.

The base/bull case for HYPE have significantly improved and we don't think this momentum slows down soon.

More charts below. Hyperliquid.

https://x.com/GLC_Research/status/2093274873036526006?s=20

The most common criticism of Hyperliquid's buyback policy: burning ~99% of fees on HYPE instead of reinvesting in growth is bad capital allocation. That critique assumes Hyperliquid is a company optimizing ROI on retained earnings.

It isn't. It's a neutral network, and the buyback is the alignment mechanism, not a wasted opportunity.

You need to hold HYPE to build on Hyperliquid.

trade[XYZ] had to buy 500k $HYPE just to become a HIP-3 deployer, before a dollar of their own revenue.

The AF routes 99% of protocol fees straight into HYPE buybacks. So every dollar of value XYZ generates for the network flows back into the exact token they were required to hold to operate. Their upside isn't just their fee split, it's the appreciation of the entry ticket itself.

That's not "wasted" capital, it's the trust model: a neutral venue can't have a team discretionarily deciding who gets funded out of protocol revenue.

But growth capital isn't gone either. Separate from the fee engine, Hyperliquid still holds roughly $27B in future emissions and community rewards it can deploy and the two times it's actually chosen to spend from that basket are the best evidence for why people should trust them.

▫️The HYPE airdrop, funded entirely outside any VC allocation, is the reason this is one of the only tokens in the space with genuine trust and a famously meritocratic reputation.

▫️In February, a 1M HYPE grant, worth ~$29M then, ~$83M now, built the HPC. Six months later, that spend sits behind the CFTC publicly committing to bring Hyperliquid onshore, which just repriced the entire forward-looking earnings case for the token.

Two different pools of capital, two different jobs.

One turns revenue into permanent alignment. The other proves that when discretion is used, it's used well. Neither is Hyperliquid leaving growth on the table.

You can't grade any of this against normal company capital allocation, either. A normal company doesn't generate ~$1B in annual revenue on a ten-person team.

Hyperliquid.

https://x.com/HyperliquidR/status/2093298336346362226?s=20

Hyperliquid's 7d/14d annualized revenue run rate crossed $1B again.

https://x.com/GLC_Research/status/2094059771577954593?s=20

2026 Trade[XYZ] Q2 Report

Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.

While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.

Quarterly volume rose 79.2% to $202.36B.

More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.

Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.

Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.

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

Hyperliquid.

https://x.com/HyperliquidR/status/2094778194377183275?s=20

https://hyperliquidresearch.xyz/reporting/tradexyz-2026-q2

Tokenized equities and commodities on Hyperliquid are now cheaper to cross than the crypto perps sitting next to them.

Final week of Q2, same rule on both books:

▫️Trade[XYZ] RWA markets: 3.57 bps median spread
▫️Hyperliquid crypto perps: 5.44 bps

In Q1 the RWAs trailed, 6.2 vs 5.0. They crossed it in one quarter, while the market set nearly doubled to 84 contracts.

Most of these contracts are months old, and the book they went through is one of the tightest in the industry.

They win the median, not the tail: 16.1 bps at the 90th percentile against 11.1 for crypto: SP500 quotes at 0.14 bps, DKNG at 36.1 with nothing inside 10 bps, for example.

https://x.com/GLC_Research/status/2095118143404294444?s=20