This report covers Hyperliquid’s financial performance, ecosystem developments, and structural transformations through Q1 2026. Crypto’s worst first quarter since the 2018 ICO crash, and the quarter Hyperliquid’s “House of All Finance” thesis became undeniable. S&P Dow Jones licensed its benchmark to a Hyperliquid deployer. Four major asset managers filed HYPE ETFs. When the Iran strikes closed legacy commodity exchanges, Hyperliquid’s 24/7 oil markets became the venue of record.

When we published the 2025 Annual Report, we committed to a quarterly cadence that meets the disclosure standards institutional allocators expect. We believe a protocol generating nearly $150M in quarterly buybacks, growing market share against every major centralized exchange, and processing real-world commodity flow in real time deserves coverage that matches its scale.

This report is a product of the Hyperliquid Research Collective (HRC), the independent research hub created by GLC Research and Four Pillars to reduce information asymmetry around Hyperliquid. With the continued support of Hyperion, Hyperliquid Strategies, B-Harvest, and HypurrCollective, we remain committed to producing accessible, high-quality research. We are grateful to our sponsors for making this work possible.

The numbers in this report tell one part of the story. The structural shift underneath them tells the rest. Native crypto perpetuals declined while HIP-3 RWA volume tripled within the quarter. Forty thousand new users a day onboarded into entirely new asset classes. A team left $849M in vested entitlement on the table.

Hyperliquid.

This report covers Hyperliquid’s financial performance, ecosystem developments, and structural transformations through Q1 2026. Crypto’s worst first quarter since the 2018 ICO crash, and the quarter Hyperliquid’s “House of All Finance” thesis became undeniable. S&P Dow Jones licensed its benchmark to a Hyperliquid deployer. Four major asset managers filed HYPE ETFs. When the Iran strikes closed legacy commodity exchanges, Hyperliquid’s 24/7 oil markets became the venue of record.

When we published the 2025 Annual Report, we committed to a quarterly cadence that meets the disclosure standards institutional allocators expect. We believe a protocol generating nearly $150M in quarterly buybacks, growing market share against every major centralized exchange, and processing real-world commodity flow in real time deserves coverage that matches its scale.

This report is a product of the Hyperliquid Research Collective (HRC), the independent research hub created by GLC Research and Four Pillars to reduce information asymmetry around Hyperliquid. With the continued support of Hyperion, Hyperliquid Strategies, B-Harvest, and HypurrCollective, we remain committed to producing accessible, high-quality research. We are grateful to our sponsors for making this work possible.

The numbers in this report tell one part of the story. The structural shift underneath them tells the rest. Native crypto perpetuals declined while HIP-3 RWA volume tripled within the quarter. Forty thousand new users a day onboarded into entirely new asset classes. A team left $849M in vested entitlement on the table.

Hyperliquid.