Hyperliquid pulled in $215 million in gross revenue during the first quarter of 2026, even as the broader crypto market suffered its worst quarter since 2018. The exchange executed a buyback of 4.9 million HYPE tokens, and the token itself surged 444% in Q1, outperforming Bitcoin by 70%. But it wasn't all smooth sailing — holder revenue fell 33%, perp volume dropped 15%, and average open interest compressed 23% over the same period.
Revenue and token performance
Gross revenue of $215 million came from trading fees and other platform activity. The buyback of 4.9 million HYPE tokens signaled confidence from the team. HYPE's 444% gain was far ahead of Bitcoin's 26% loss for the quarter. Yet the decline in holder revenue — down a third — suggests the perp fee pie shrank even as the token price skyrocketed. Total value locked on Hyperliquid rose from $1.4 billion to a peak of $1.8 billion, settling at $1.69 billion by quarter-end.
EVM and ecosystem growth
HIP-3 deployer volume grew from nearly $25 billion in January to $68 billion in March, finishing at 33% of daily perp volume. That's a big jump. But HyperEVM DEX volume went the other way — down 40% quarter-over-quarter to $9.2 billion from $15 billion in Q4. S&P Dow Jones Indices, through an officially licensed benchmark, signed with Tradexyz, identifying HIP-3 deployer dominance as a key ecosystem component.
Institutional momentum
Grayscale, VanEck, and Bitwise all submitted filings for HYPE exchange-traded funds (ETFs). That's a strong signal from big money. Ripple Prime support was also added to Hyperliquid for institutional clients, widening the platform's reach.
Market headwinds
Q1 was brutal for everyone. Bitcoin fell 26%, and total crypto market cap outflows exceeded $900 billion. Hyperliquid's perp volume and open interest compressed, but the platform still generated record revenue and saw its TVL grow. The timing of the ETF filings — right after a punishing quarter — suggests long-term conviction from traditional finance players.
At the time of writing, HYPE was trading at $42, down 1.7% over 24 hours, but up 17% over the past thirty days. The ETF applications are now in the SEC's hands, and the next concrete milestone will be whether the regulator deems them acceptable.
