#HYPE Sell the HYPE spot you hold now, while it’s still trading at a high level.

Hyperliquid 2026 Q1 and Q2 protocol fee total revenue (DeFiLlama on-chain stats, protocol gross revenue, 99% used to repurchase HYPE)

⚠️ Only an objective整理 of on-chain data; does not constitute trading or investment advice

I. 2026 Q1 (January–March) full data

1. Quarterly total fee revenue: $209.66 million ($209.66M)

2. Quarterly total trading volume: $209.66M

3. Breakdown:

- Native crypto perpetual contracts: contribute the vast majority of fees, down quarter-over-quarter from 2025 Q4;

- HIP-3 RWA traditional finance contracts (US stocks, crude oil, stock index): quarterly成交 of $633B, up 889.6% quarter-over-quarter, becoming a new cash-flow source;

4. Monthly revenue weakens step by step: $54.17 million in January, $48.85 million in February, $46.64 million in March;

5. Corresponding repurchase funds: about $192 million across the full quarter used for secondary-market buying and burning of HYPE.

II. 2026 Q2 (April–June) full data

1. Quarterly total fee revenue: $161.79 million ($161.79M)

2. Quarter-over-quarter decline vs Q1: -22.8%, revenue noticeably shrinks;

3. Subcomponents decline in sync:

- Normal trading fee revenue: $148.3 million;

- Channel promotion Builder fee revenue: $13.49 million (Q1 was $17.98 million, quarter-over-quarter -25%);

4. Key context:
The broader crypto market weakens, and trading volume for native crypto contracts shrinks significantly; although RWA open interest continues to set new highs, RWA turnover frequency is low, much of the positioning is existing/held, and fee contribution can’t keep up with the position scale, so it can’t offset the native contract revenue decline.

III. Q1 vs Q2 core comparison summary

1. Revenue scale: Q1 $209.7 million > Q2 $161.8 million, and the Q2 fundamentals cash flow weakened quarter-over-quarter;

2. Growth highlights: RWA business positions and existing capital continue to innovate, but they only accumulate positions and do not generate high-frequency fees, so short-term it can’t repair quarterly revenue;

3. Direct impact on HYPE:
Platform fee income = repurchase funds. In Q2, funds available for buy-side burning decreased nearly 23% quarter-over-quarter, and the deflationary flywheel effect clearly weakened—this is also the underlying reason HYPE remained under pressure with continued choppy trading throughout Q2;

4. Key distinction:
The new high in RWA open interest is a medium- to long-term positive narrative, but short-term revenue and repurchases track daily turnover trading volume, and there is a clear time lag between the two.

IV. Reference: current state of Q3 (July)

In July, average daily fee revenue is only in the $800,000–$900k range, far below the Q1 peak single-day level of $5 million+. If July–September can’t rebound, Q3 revenue will likely continue to be lower than Q2, and valuation pressure will persist.