Hyperliquid’s first-half 2026 total fee revenue rose 31% year over year to $419.3 million, with daily active users up about 90% and trading volume reaching $1.29 trillion. Core protocol revenue nevertheless fell 3.8% to $305.3 million from $317.5 million, largely because HIP-3 markets expanded rapidly. A separate August update also reported 31% year-over-year fee growth, while HYPE traded around $73.53 and prediction-market odds of a $100 price by Dec. 31, 2026, rose to 42.5% from 16% a week earlier. Hyperliquid held about $9.1 billion in open interest, 10.3% of the global crypto perpetual-futures market and 54.5% of the on-chain market. A potential USDC reserve-yield partnership could add an estimated $135 million to $160 million in annual revenue and potentially fund HYPE buybacks, although competitive and regulatory risks remain.