I’m bullish on $HYPE, and the reason goes far beyond its recent price action.
To me, Hyperliquid is gradually evolving from a crypto perpetual DEX into a much broader piece of onchain financial infrastructure.
The numbers already show real adoption. In H1 2026, Hyperliquid generated $419.3 million in gross fees, up 31% year-over-year, while average daily active users increased about 90%. Total H1 trading volume reached roughly $1.29 trillion. Even more impressive, Hyperliquid held around $9.1 billion in open interest, representing about 10.3% of the entire crypto perpetual market, including centralized exchanges. Within decentralized perpetuals alone, its share of open interest was about 54.5% — more than the rest of the onchain market combined.
What makes the next stage particularly interesting is HIP-3. External builders can use Hyperliquid’s infrastructure to create markets for assets beyond crypto, including equities, commodities and pre-IPO assets. HIP-3 went from almost nothing to 11.2% of Hyperliquid’s gross fees in less than a year. This significantly expands the addressable market beyond BTC and altcoin trading.
HIP-4 could push this even further by opening infrastructure for fully collateralized prediction markets and options-style products. Deployers would also need to stake substantial amounts of HYPE, potentially creating another source of structural token demand.
There are risks. Core protocol revenue declined slightly in H1 because HIP-3 builders retain part of their fees, and competition and regulation remain important questions. But I actually think acknowledging this makes the bull case stronger: user growth and total economic activity are expanding even while Hyperliquid deliberately gives outside builders incentives to build on top of it.
That is why I remain bullish on $HYPE.
$HYPE #hype #Hyperliquid #DEFİ
To me, Hyperliquid is gradually evolving from a crypto perpetual DEX into a much broader piece of onchain financial infrastructure.
The numbers already show real adoption. In H1 2026, Hyperliquid generated $419.3 million in gross fees, up 31% year-over-year, while average daily active users increased about 90%. Total H1 trading volume reached roughly $1.29 trillion. Even more impressive, Hyperliquid held around $9.1 billion in open interest, representing about 10.3% of the entire crypto perpetual market, including centralized exchanges. Within decentralized perpetuals alone, its share of open interest was about 54.5% — more than the rest of the onchain market combined.
What makes the next stage particularly interesting is HIP-3. External builders can use Hyperliquid’s infrastructure to create markets for assets beyond crypto, including equities, commodities and pre-IPO assets. HIP-3 went from almost nothing to 11.2% of Hyperliquid’s gross fees in less than a year. This significantly expands the addressable market beyond BTC and altcoin trading.
HIP-4 could push this even further by opening infrastructure for fully collateralized prediction markets and options-style products. Deployers would also need to stake substantial amounts of HYPE, potentially creating another source of structural token demand.
There are risks. Core protocol revenue declined slightly in H1 because HIP-3 builders retain part of their fees, and competition and regulation remain important questions. But I actually think acknowledging this makes the bull case stronger: user growth and total economic activity are expanding even while Hyperliquid deliberately gives outside builders incentives to build on top of it.
That is why I remain bullish on $HYPE.
$HYPE #hype #Hyperliquid #DEFİ