Reporting

Flagship reporting on the most successful protocol in crypto.

$351M in protocol revenue and $288M of buybacks, HIP-3 at a quarter of volume, and the USDC realignment opening a new source of holder returns

HIP-3 real-world assets reach a third of volume, the first HYPE ETFs go live, and cumulative protocol revenue passes $1B

Revenue, volume and buyback momentum to open 2026

A full-year review of Hyperliquid's 2025 milestones, financials and value accrual, co-authored by Four Pillars and GLC Research

Builder-deployed markets, powered by HIP-3

Pre-IPO Perpetuals go live, quarterly volume rises 79.2% to $202.36B, and HIP-3 share climbs to 95.1% as rival deployers exit

The first quarterly review of Trade.xyz's permissionless markets, listing growth and the HIP-3 thesis