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3Q26 Hyperliquid Quarterly Report Our Q3 report on Hyperliquid is out today. On August 19, President Trump told a room of technology and crypto executives at the White House that the CFTC was working to bring Hyperliquid to the United States. Less than a month later, Kraken’s parent proposed a US derivatives venue on Hyperliquid, with Bitnomial as its operator. The proposal was still awaiting regulatory approval at quarter-end. Equities overtook commodities on HIP-3, and an average of 65,161 traders used Hyperliquid each day, a quarterly record. Protocol revenue rose 21.7% from Q2 to $190.9M. Hyperliquid began earning a share of USDC reserve income on August 27. In just over a month, that added $17.3M, roughly half the quarter’s revenue increase. The Assistance Fund spent $149M buying HYPE in Q3. Would some of that money have been better spent growing the exchange? We put that question to Syncracy Capital’s Sunny Shi (@defi_monk). In the foreword, he makes the case for buybacks and explains why he expects independent teams building on Hyperliquid to drive more of its growth. A few excerpts below, along with the full PDF. Hyperliquid.

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