Corporate digital asset treasuries now hold 31 million HYPE tokens, equal to 13.3% of circulating supply, with Nasdaq-listed Hyperliquid Strategies Inc. accounting for roughly 29.3 million after investing more than $216 million. Hyperliquid’s derivatives activity remains strong, with open interest topping $11 billion on July 13, 30-day perpetual futures volume nearing $178 billion and HIP-3 open interest climbing back above $4 billion to $4.01 billion. HyperliquidNews data showed HIP-3 open interest was up 17.6% from $3.41 billion a month earlier, 65.7% from $2.42 billion three months earlier, 487.6% from $682.45 million six months earlier and 7,924.8% from $49.97 million nine months earlier. The builder-launched market framework introduced by HIP-3 has grown from about 2% of perp volume at the start of 2026 to roughly half, even as gross protocol revenue has fallen 43% from its third-quarter 2025 peak to about $202 million in the second quarter of 2026 under a fee-sharing model.