Hyperliquid's Q2 report shows RWA perpetual contracts surged to 32.2% of trading volume ($213B quarterly), with HYPE ETFs launching and cumulative protocol revenue exceeding $1B.
DeFi & Yields ·
Real-world asset perpetual contracts on Hyperliquid expanded substantially in the second quarter, rising to represent 32.2% of the platform's trading volume from 1.8% two quarters prior, according to the protocol's Q2 report. Quarterly volume in HIP-3-related contracts reached $213 billion, comprising nearly one-third of total platform activity. The same period saw the launch of three HYPE ETFs, while institutional funds and related treasuries accumulated approximately 7.7% of HYPE's circulating supply.
The protocol's financial metrics reflect the growth trajectory. Q2 revenue totaled roughly $169 million, with approximately $141 million deployed for token buybacks. Cumulative protocol revenue has now surpassed $1 billion across its operating history.
What remains unclear is the composition of the RWA trading volume by asset class, the specific institutional holders and their accumulation timelines, and whether the buyback pace will continue at the Q2 rate or adjust in subsequent quarters.