Hyperliquid’s H1 2026 earnings: dominant onchain, priced fairly against Wall Street peers

Hyperliquid's H1 2026 earnings tell two stories simultaneously. Total fees and user growth have never been stronger. Core protocol revenue, by contrast, is quietly declining.

Gross fees rose 31% to $419.3 million in H1 2026 from the same period in 2025. Average daily users nearly doubled. June trading volume hit $266.5 billion while H1 trading volume sits at $1.29 trillion. Yet the revenue Hyperliquid keeps from its own native markets fell 3.8% over the same period.

The following five charts explain why that divergence exists, what it means for Hyperliquid's competitive position, and how the market is pricing the outcome.

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Gross fees surged 31% while average daily active users rose 90% in H1

Hyperliquid generated $419.3 million in gross fees in H1 2026, up from $320 million in H1 2025. But the revenue line that flows back into the platform's own treasury, its core protocol revenue, declined from $317.5 million to $305.3 million over the same period. The gap is explained by HIP-3 (Hyperliquid Improvement Proposal 3): an open framework allowing external businesses to launch their own markets on Hyperliquid's infrastructure, keeping 50% of resulting trading fees. As HIP-3 markets have grown, they've captured an ever-increasing percentage of total fees without flowing fully back to the protocol. Meanwhile, the user base tells a different story: average daily users rose 90% in H1, suggesting demand is not weakening but rather it's being served through a new channel.