According to CoinMeta, Hyperliquid released its performance analysis for the first half of 2026. The data shows that its total transaction fee revenue reached $419 million, a year-on-year increase of 31%, with the average daily active users growing by about 90%. The trading volume for the first half of the year amounted to $1.29 trillion, and in June alone, the trading volume reached $266.5 billion. Core protocol revenue decreased from $317.5 million in the first half of 2025 to $305.3 million, a year-on-year decline of 3.8%. The main reason for this is the rapid expansion of the hip-3 market, which allows external teams to launch markets for stocks, commodities, and IPO derivatives based on the Hyperliquid infrastructure, and these teams receive 50% of the transaction fees. Currently, hip-3 contributes 11.2% of the total transaction fee revenue. In terms of the derivatives market, the open interest of Hyperliquid contracts is approximately $9.1 billion, accounting for 10.3% of the global cryptocurrency perpetual contract market, with a year-on-year increase of 24.8%. Its share of the on-chain perpetual contract market has reached 54.5%. The report predicts that if the USDC reserve income collaboration is implemented, it could bring an additional revenue of about $135 million to $160 million to Hyperliquid each year.