Source: Four Pillars and GLC Research

Compiled by: Felix, PANews

Recently, GLC Research and Four Pillars jointly released the Hyperliquid Q3 report, summarizing the latest progress of the protocol in market performance, business revenue, infrastructure upgrades, and more. The report noted that Hyperliquid saw a new high in the number of daily active trading users this quarter, and its native derivatives business continues to dominate, with the open contract size setting a historical record.

PANews has organized the key content.

In Q3, Hyperliquid experienced a strong rebound after a cyclical low in July, achieving the highest monthly performance in September since 2026. The overall performance for the quarter is as follows:

Total protocol revenue reached $190.87 million, a quarter-on-quarter increase of 21.7%, but a year-on-year decrease of 36.5%. This includes $17.26 million in new AQAv2 USDC reserve revenue accrued since August 27. Of this, $2.4 million was accrued in the last 5 days of August, and $14.9 million in September. Over one month, this portion of revenue contributed $17.3 million, accounting for about half of the quarter's revenue increase.

Trading and network revenue reached $174 million, a quarter-on-quarter increase of 10.7%. Holders' revenue was $164 million, a quarter-on-quarter increase of 11.3%, but a year-on-year decrease of 43.1%. This data includes the Assistance Fund's buyback and various token burns. The Assistance Fund executed buybacks throughout the entire 92 days of the quarter, with total expenditures of $149 million, a quarter-on-quarter increase of 5.7%. However, due to the average buyback cost of the HYPE token increasing by 43.6% from $50.79 in Q2 to $72.93, the actual number of tokens bought back and burned decreased by 26.4% to 2.04 million HYPE. By the end of the quarter, the Assistance Fund held a total of 47.6 million HYPE, a quarter-on-quarter increase of 4.5%.

The trading volume reached $73.06 billion, a quarter-on-quarter increase of 9.3%, but a year-on-year decrease of 30.5%. Among them, the native perpetual contracts accounted for $45.44 billion, a quarter-on-quarter increase of 3.4%, but a year-on-year decrease of 54.4%; HIP-3 trading volume was $26.2 billion, a quarter-on-quarter increase of 23%, making up 36.6% of the total perpetual trading volume (an increase of 3.9 percentage points quarter-on-quarter). Spot trading volume was $14.2 billion, a quarter-on-quarter decrease of 12.8%, and a year-on-year decrease of 73.9%. HIP-4 trading volume was $16.3 million, a quarter-on-quarter decrease of 22.9%.

The total open interest (OI) for bilateral contracts set a record of $16.8 billion, a quarter-on-quarter increase of 79.9%, and a year-on-year increase of 31%; its unilateral OI accounted for 11.7% of the total OI across the top eight centralized exchanges by the end of the quarter (up from 9.6% at the end of Q2), with an average daily share of 10.4% for the quarter. During the quarter, Hyperliquid's OI surpassed Bybit and Kraken on August 12, and OKX on September 17; by the end of the quarter, it was equivalent to 93% of Bitget's unilateral OI and 27% of Binance's.

The daily average active traders reached 65,161, setting a record for the third consecutive quarter, with a quarter-on-quarter increase of 20% and a year-on-year increase of 53.1%; in Q3, there were 362,611 new traders, bringing the total number of traders to over 1.87 million.

In terms of token performance, HYPE closed at $90.94 by the end of the quarter, up 39.9% for the quarter, a year-on-year increase of 101%, and reached an all-time high of $98 on September 23. By the end of Q3, the circulating market cap reached $27.1 billion, with an FDV of $90.9 billion.

September revenues reached a new high, with perpetual contracts remaining the main source of income

Trading and network revenue in July, August, and September were $43.8 million, $61.2 million, and $68.6 million respectively. The total protocol revenue in September was $83.5 million, setting a new monthly high since October 2025.

Native perpetual derivatives remain the main source of revenue, accounting for 81.7% of trading and network income (down from 85.7% in Q2), with net income of $141.9 million, a quarter-on-quarter increase of 5.6%. Major cryptocurrencies (BTC/ETH/SOL) contributed 69.8% of native fees; other altcoin fees rebounded by 45.6% to $29.7 million, while meme coin fees grew by 86.6% to $5 million.

Stocks become the largest asset class for HIP-3, HIP-4 trading volume reaches $163 million

HIP-3 quarterly trading volume was $262 billion. In July, this layer saw a trading volume of $114.5 billion, accounting for 51.1% of Hyperliquid's total trading volume for the month, peaking at 75.2% share on July 30; as the native crypto contracts recovered in August and September, HIP-3 trading volume dropped to $61 billion in September, with its share declining to 24.5%.

Among them, stocks as an asset class surpassed commodities with a weight of 58.8%, becoming the largest asset class for HIP-3. trade.xyz still retains its dominant position, with a quarterly trading volume of $259.2 billion, accounting for 98.9% of HIP-3's total, covering 110 active markets (72% of the total number of markets for the layer).

On August 29, HIP-4 started permissionless deployment, with 28 templates approved by verification nodes, allowing deployers staking 500,000 HYPE to create markets independently. The total trading volume for the quarter was $16.3 million, with September's monthly trading volume reaching $57.9 million, three times that of August.

Kalshi's trading volume was $141.9 billion (market share of 78.45%), Polymarket's trading volume was $34.4 billion (market share of 19.01%), and the overall size of HIP-4 currently accounts for only 0.13%, still in the ecological incubation phase.

Approximately 2.09 million HYPE burned in a single quarter, institutional ETF holdings continue to increase

Throughout the quarter, approximately 3.79 million HYPE new circulating tokens were added, including about 2.47 million released from staked networks and 1.32 million attributed to the team. The Assistance Fund publicly repurchased 2.04 million through buybacks, along with various trading burns, a total of approximately 2.09 million HYPE was burned.

In terms of net circulation, the market net circulation increased by approximately 1.7 million HYPE (accounting for 0.6% of the circulating supply), an increase from 900,000 in Q2. By the end of the quarter, the actual circulating supply of HYPE was 298.5 million.

Moreover, institutions and entities constrained by mandatory or programmatic accumulation directives locked a total of 9.3% of the HYPE supply (a total of 9.269 million HYPE) by the end of the quarter, up from 8.2% at the end of Q2:

The Assistance Fund holds 47.6 million HYPE (accounting for 4.8% of the total supply), conducting uninterrupted daily buybacks through protocol revenues. The US-listed company Hyperliquid Strategies (stock code PURR) holds 37.04 million HYPE (accounting for 3.7% of the total supply). PURR raised $647 million through equity issuance throughout the year, accumulating to buy 16.5 million HYPE at an average price of $46.77; in just Q3, its holdings increased by 7.76 million, becoming the largest buyer in the market for the quarter. The US-listed company Hyperion DeFi (stock code HYPD) holds 1.85 million HYPE (accounting for 0.2% of the total supply).

Three spot ETFs have seen a cumulative net inflow of $352.9 million (with a net inflow of $44.2 million in Q3), holding a total of 5.5 million HYPE (accounting for 0.6% of the total supply). Among them, Bitwise (BHYP) and Grayscale (HYPG) have staked 70.0% and 88.7% of their holdings on-chain. European ETP funds hold 700,000 HYPE (accounting for 0.1% of the total supply).

Additionally, another 43.7% of the total token supply is in a state of network staking lock.

Related Reading: ICE Investment, L2 Launch, Thousandfold Leverage Mechanism: The Iterative Path of Hyperliquid On-chain Finance

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