The Research Hub for Hyperliquid. $HYPE Financials: https://xitter.cf/t.co/kUKh3xXMK0 By @GLC_Research and @FourPillarsFP Not part of or affiliated to Hyperliquid.
Hyperliquid.
Joined October 2025
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2026 Hyperliquid Q2 Report
Today, we're excited to release Hyperliquid's 2026 Q2 Report.
While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.
More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
We're bringing a bunch of printed Hyperliquid Half-Year Reports to tomorrow's HypurrCo event.
If you're coming, come grab one, they're free.
HRC is in Singapore this week with 200+ printed copies of our Hyperliquid Half-Year Report, plus a few Trade[XYZ] Q2 Reports. All free.
Catch us at the official Hyperliquid events, or DM us if you're hosting a side event and want copies.
Come say hi, we'd love to meet you.
@GLC_Research @FourPillarsFP @hl_eco
The US is opening up, Europe next?
The US is moving. American regulators are openly trying to bring Hyperliquid onshore. Mike Selig:
"Our goal is always going to be to onshore those markets and to have the markets subject to our regulation here in the United States and accessible to our U.S. persons here in the U.S."
Things are moving on the private side too. Bloomberg reported that Hyperliquid is in advanced talks with Payward, the parent company of Kraken, about giving US traders regulated access to Hyperliquid through permissioned HIP-3 markets. That access would go through Bitnomial, an exchange the CFTC already regulates. Neither company has confirmed a deal yet, but the direction is clear: a legal path for Hyperliquid in the US is taking shape.
Europe may be the next market. The EU is a large pools of capital in the world, and it was the first major jurisdiction with a dedicated crypto rulebook: MiCA.
But MiCA was built for crypto companies like exchanges, custodians and stablecoin issuers. It doesn't clearly answer a newer question:
"What happens when a regulated financial firm wants to use a public blockchain to deliver a regulated product?"
That's the real problem. A broker, a bank or a trading firm that wants to build on Hyperliquid and offer its perps and liquidity to clients or institutions doesn't have clear answers to basic questions: which rulebook applies, which regulator is in charge, and whether using a public blockchain changes how the product is treated.
The path just isn't clear, yet.
That's why this letter is a big deal. @HyperliquidPC is asking the EU to make that path clear using rules it already has.
Perps would be treated as normal derivatives under MiFID II. A firm using a public blockchain would be judged under the rules for its product and its business, the same as any other firm. And the public onchain record would count toward transparency requirements.
Read HPC full article & response below.
hyperliquidresearch.xyz/rese…
USDC reserve yield is now live on our $HYPE financial dashboard: daily revenue, share of total protocol revenue, eligible supply, rates and payments, all in one place.
Built by HRC and HL Eco, from Singapore.
Link below. Hyperliquid.
AQAv2 reserve yield already made up 18.3% of Hyperliquid's total protocol revenue over the last 30 days.
Track USDC reserve yield in full detail on our Financials dashboard with @HyperliquidR
hl.eco/financials/revenue/re…
Hyperliquid Research Collective (HRC) retweeted
Come say hi and grab a piece of Hyperliquid history.
Hyperliquid.
HRC is in Singapore this week with 200+ printed copies of our Hyperliquid Half-Year Report, plus a few Trade[XYZ] Q2 Reports. All free.
Catch us at the official Hyperliquid events, or DM us if you're hosting a side event and want copies.
Come say hi, we'd love to meet you.
@GLC_Research @FourPillarsFP @hl_eco
HRC is in Singapore this week with 200+ printed copies of our Hyperliquid Half-Year Report, plus a few Trade[XYZ] Q2 Reports. All free.
Catch us at the official Hyperliquid events, or DM us if you're hosting a side event and want copies.
Come say hi, we'd love to meet you.
@GLC_Research @FourPillarsFP @hl_eco
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.
Quarterly volume rose 79.2% to $202.36B.
More importantly, this was the quarter Trade[XYZ] stopped competing for the category and started defining it.
Pre-IPO Perpetuals launched in May, and Cerebras, SpaceX, and Quantinuum all ran the whole way through to their public listing and converted cleanly into standard equity perpetuals, the first real evidence that a permissionless, onchain market can price a private company's opening trade with remarkable accuracy.
Equity volume grew 377% to $58.9B, the fastest-growing segment of the quarter, and the CFTC's approval of the first US-regulated perpetual futures contract gave the clearest regulatory validation Hyperliquid has had to date, a landmark Trump has since built on, saying CFTC Chairman Mike Selig is working to bring Hyperliquid into the US.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
2026 Hyperliquid Q2 Report
Today, we're excited to release Hyperliquid's 2026 Q2 Report.
While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.
More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
A lot of familiar faces, and even more new ones.
Thanks to everyone who came through.
Seoul showed up for Hyperliquid 🤍
Credits ↓
Hyperliquid Community Dinner Seoul
September 28, Seoul, invitation only.
Expect builders and traders deep in the Hyperliquid ecosystem, liquid funds, VCs, researchers, a serious contingent from tradfi, and folks from the HL labs who'll be in Seoul that week.
Highest signal HL room of KBW week.
Part 1 - Private dinner, 6:30–8:00 PM
Part 2 - Community mingle, 8:00–10:00 PM
Organized by @HyperliquidR, @spacebarxyz, and @christyhwchoi.
Hosted by @HypurrCorea and Hyperliquid Korea.
Research partner @FourPillarsFP and @DeSpreadTeam.
100 per part ↓
RSVP here: luma.com/5ltxvfi7
Organized with @spacebarxyz and @christyhwchoi, hosted by @HypurrCorea and Hyperliquid Korea, with @FourPillarsFP and @DeSpreadTeam as research partners.
And to our sponsors who made it happen: @BasedOneX, Blackboard, @CyantArb, @DCENTWALLETS, OHAYO, @HyperionDeFi, @hypurr_co, @Outcomexyz, and @StratiumX 🤝
And to our sponsors who made it happen: @BasedOneX, Blackboard, @CyantArb, @DCENTWALLETS, @HyperionDeFi, @hypurr_co, OHAYO, @Outcomexyz, and @StratiumX 🤝
Hyperliquid Community Dinner Seoul
September 28, Seoul, invitation only.
Expect builders and traders deep in the Hyperliquid ecosystem, liquid funds, VCs, researchers, a serious contingent from tradfi, and folks from the HL labs who'll be in Seoul that week.
Highest signal HL room of KBW week.
Part 1 - Private dinner, 6:30–8:00 PM
Part 2 - Community mingle, 8:00–10:00 PM
Organized by @HyperliquidR, @spacebarxyz, and @christyhwchoi.
Hosted by @HypurrCorea and Hyperliquid Korea.
Research partner @FourPillarsFP and @DeSpreadTeam.
100 per part ↓
RSVP here: luma.com/5ltxvfi7
Hyperliquid Research Collective (HRC) retweeted
Reposting this banger to celebrate new $HYPE ATH.
Is there anyone left doubting Hyperliquid?
"Many Men" by 50 Cent is a deliberate reference to everyone and every entity that has doubted Hyperliquid, or hoped to see it fail. Hyperliquid's answer has been to keep building, and to keep proving them wrong.
Dashboard made with love by @guru__hl, @GLC_Research & @FourPillarsFP🤍
Hyperliquid Research Collective (HRC) retweeted
: : Hyperliquid Seminar Korea 🇰🇷
An invite-only institutional seminar on Hyperliquid and onchain finance, bringing together Korean financial leaders, builders, researchers, and the global Hyperliquid ecosystem.
📅 Sep 28, 14:00-17:30
🧑🤝🧑 Host: @hypurrcorea
🎓Research Partner: @HyperliquidR (@FourPillarsFP & @GLC_Research)
luma.com/eei081l4
