Hyperliquid's Q2 2026 report shows strong growth in both usage and revenue. RWA-related (HIP-3) perpetual trading volume share rose from 1.8% to 32.2% quarter-over-quarter, with quarterly volume hitting $213B.
• Protocol revenue reached $169M/month by quarter-end.
• Cumulative revenue passed $1B, with $141M returned via buybacks.
• HYPE gained 79% in Q2 to an all-time high of $76.90, even as BTC fell 14% over the same period.
Matters because: Strong revenue and buyback data suggest genuine fee-generating usage, not just speculation, which may support continued interest in HYPE and RWA-perp narratives.