Source published November 10, 2026, at 12:52:45 UTC+8. This article draws on the Hyperliquid first-half 2026 report summarized in Four Pillars’ weekly briefing, translated by TechFlow.
Hyperliquid’s first-half 2026 figures highlight three distinct forces affecting HYPE: protocol-funded buybacks, potential additional funding from USDC reserve interest, and tokens that have vested but remain unclaimed. These mechanisms should not be treated as interchangeable—or as guaranteed returns for holders.
The underlying report was written by the Hyperliquid Research Collective (HRC), an initiative jointly established by GLC Research and Four Pillars.
Trading revenue funded $288 million in buybacks
According to the report, Hyperliquid generated $351 million in protocol revenue in the first half of 2026, up 6.4% year over year but down 38% from the record second half of 2025. June revenue reached $71 million, the strongest monthly result since November 2025.
The protocol spent $288 million buying back HYPE during the half-year. Over the same period, HYPE’s price rose 155%, while Bitcoin fell 33%. Those are historical figures, not evidence that future buybacks will produce a particular price outcome.
HIP-3 expanded trading more than revenue
HIP-3 allows external deployers to launch markets on Hyperliquid’s infrastructure. The report describes expansion into commodities, stock indexes and individual stocks.
During the first half of 2026, HIP-3 markets generated $324 billion in trading volume, representing 25.1% of the platform’s total matched volume. Their share reached 32.0% in the second quarter.
Revenue contribution was much smaller: HIP-3 accounted for 7.4% of protocol revenue, which the report attributed to subsidized fee pricing. Native crypto perpetual contracts still generated 85.6% of revenue. Perpetual contracts are derivatives without a fixed expiry date.
Activity was also concentrated. Trade[XYZ] accounted for 97% of HIP-3 volume in June. The report therefore identified both an opportunity to convert broader trading activity into revenue and a concentration risk around a single deployer.
USDC reserve interest remained a potential funding source
At the end of the reporting period, stablecoin supply on HyperEVM totaled $5.6 billion, of which 96% was USDC.
Under the AQAv2 arrangement described in the report, approximately 90% of reserve interest income after cost adjustments would go to the Assistance Fund. Using then-current benchmark rates and stablecoin balances, the report estimated a potential annual contribution of $135 million to $200 million, providing an additional possible source of token-buyback funding beyond trading fees.
This was an estimate, not recognized first-half revenue. The report said the actual economic allocation remained undetermined at publication. The outcome depended on stablecoin balances, interest rates and the final effective revenue-sharing percentage. The described mechanism concerns funding for the Assistance Fund, not a stated direct interest payment to individual HYPE holders.
Unclaimed unlocks remained a supply consideration
As of June 30, 2026, three U.S. spot ETFs had attracted a combined $309 million in net inflows. Under the report’s methodology, ETFs, publicly listed treasury companies and the Assistance Fund together held approximately 82 million HYPE, equivalent to 8.2% of total supply.
The report also said the team claimed only 4.7% of its scheduled unlocked allocation during the first half, alongside a slight contraction in net circulating supply.
However, $4.3 billion worth of vested but unclaimed tokens remained a potential supply overhang. Vesting and claiming are different stages: a low claim rate during one period does not remove the unclaimed allocation from the supply picture.
For understanding HYPE’s token mechanics, the key distinction is between buybacks already funded, revenue that remained conditional, and vested allocations that had not yet been claimed.
Original article: Four Pillars weekly briefing, translated by TechFlow