#HYPE Sell the Hyperliquid (HYPE) spot you hold while it’s still at a high level.​

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

I. 2026 Q1 (Jan–Mar) complete data

1. Quarterly total fee revenue: $209.66 million (209.66M美元)
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2. Quarterly total trading volume: $209.66M
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3. Breakdown of structure:
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- Native crypto perpetual contracts: account for the vast majority of fees, down quarter-over-quarter from 2025 Q4;
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- HIP-3 RWA traditional finance contracts (US stocks, crude oil, stock indices): quarterly trading volume of $633B, up 889.6% quarter-over-quarter, becoming a new source of net cash flow;
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4. Monthly revenue weakened month by month: $54.17 million in January, $48.85 million in February, $46.64 million in March;
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5. Corresponding repurchase funding: about $192 million across the full quarter used to buy and burn HYPE in the secondary market.

II. 2026 Q2 (Apr–Jun) complete data

1. Quarterly total fee revenue: $161.79 million (161.79M美元)
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2. Quarter-over-quarter decline vs Q1: -22.8%; revenue shrank noticeably;
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3. Detailed subcomponents also declined in sync:
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- Standard trading fees: 148.3 million;
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- Channel promotion Builder fees: $13.49 million (Q1 was $17.98 million, quarter-over-quarter -25%);
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4. Core context:
The overall crypto market is weak, and trading volume in native crypto perpetual contracts has dropped sharply. Although RWA open interest (OI) continues to set new highs, RWA turnover frequency is low, most capital is held in existing positions, and fee contribution can’t keep up with the scale of positions; it can’t offset the decline in native perpetual contract revenue.

III. Q1 vs Q2 core comparison summary

1. Revenue scale: Q1 $209.7 million > Q2 $161.8 million; in Q2, the fundamentals cash flow weakened quarter-over-quarter;
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2. RWA business positions and existing capital continue to innovate to new highs, but it only consolidates positions and doesn’t generate high-frequency fees, so it can’t repair quarterly revenue in the short term;
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3. Direct impact on HYPE:
Platform fee revenue = repurchase funds. In Q2, the funds available for buy orders and burning HYPE decreased by nearly 23% quarter-over-quarter; the deflationary “flywheel” effect clearly weakened—this is also the underlying reason HYPE has continued to face pressure from choppy trading in Q2;
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IV. Reference: current state in Q3 (July)

In July, average daily fee revenue is only in the $0.8–$0.9 million range, far below the Q1 peak daily level of $5 million+. If July to September can’t rebound, Q3 revenue will most likely continue to be below Q2, and valuation pressure will remain.