Hyperliquid Sees 31% Increase in Fees, Revenue Declines

Hyperliquid (HYPE) reported a total fee revenue of $419.3 million for the first half of this year, marking a 31% increase compared to the same period last year. Although trading volume and users have increased, the core protocol revenue decreased by 3.8% to $303.5 million due to a structure that distributes fees to markets opened by external developers. The trading volume for the first half of the year was $1.29 trillion, with June alone accounting for $266.5 billion. The average daily active users increased by approximately 90%. The HIP-3 market allows external teams to open separate markets on top of the Hyperliquid infrastructure, with the teams that open these markets taking 50% of the trading fees. Currently, HIP-3 accounts for 11.2% of Hyperliquid's total fees. Hyperliquid's open interest stands at about $9.1 billion, representing 10.3% of the global cryptocurrency perpetual futures market, with a growth rate of 24.8%. Hyperliquid operates under a structure where exchange fees, on-chain derivatives, token issuance costs, and revenue sharing from external markets work together, leaving competition and regulatory issues unresolved. For the second half of the year, HIP-4 prediction markets, options products, and USDC reserve revenue are being discussed as potential factors to broaden revenue sources.

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