- Hyperliquid price dropped by 2.66%, as it held its ground above the short-term support line.
- $169M worth of revenues was recorded by the company in Q2, along with $141M spent on buying back HYPE tokens.
- The trade in RWA was $213B in Q2 and represented 32.2
Hyperliquid (HYPE) was trading at $55.78, representing a 2.66% drop from the last 24 hours, despite the protocol recording increased revenues, token buyback activities, and RWA trade growth. The token had recovered from an intraday low of $54.80 despite a drop in trading volume.
HYPE Price Stays Above Short-Term Support
HYPE was trading around $55.76 on the four-hour chart having pulled back from $57.80. The token was trading above the 20-period Exponential Moving Average (EMA) at $55.54 and 50 EMA at $55.22.
Nevertheless, HYPE remained trading below the 100 EMA of $56.60 and 200 EMA of $58.95 as well as indicating that the general trend was still below long-term resistance.
Other momentum indicators that indicated declining buying pressure. For instance, the Relative Strength Index (RSI) was trading at 53.99 whereas the signal line was trading at 62.29; this indicated that momentum had slowed down from the recent rises.
Source: Trading View
The Bollinger Bands provided other technical levels. First, HYPE was trading above the middle band, which is the 20-period simple moving average of $55.57. The upper Bollinger Band was at $57.97 whereas the lower Bollinger Band was at $53.18.
The Fibonacci Retracement Levels provided the following technical support levels at $51.96 (23.6%), $51.29 (38.2%), $50
Technical highlights
- HYPE traded at $55.78, down 2.66% over 24 hours.
- Price remained above the 20 EMA ($55.54) and 50 EMA ($55.22).
- Resistance remained at the 100 EMA ($56.60), 200 EMA ($58.95), and the upper Bollinger Band at $57.97.
Hyperliquid Reports $169M in Quarterly Revenue
The price action followed the release of Hyperliquid’s second-quarter report, which showed the protocol generated approximately $169 million in revenue during the quarter.
However, approximately $141 million was allocated to HYPE token buybacks, increasing cumulative protocol revenue to more than $1 billion.
The report also showed that three HYPE exchange-traded funds (ETFs) began trading during the quarter. The total value of ETF-linked funds and treasuries together was about 7.7% of the token’s supply for the period under review.
Hyperliquid RWA Trading Volumes Hit $213B
Besides that, the report emphasized ongoing growth in RWA trading volumes.
Trades on HIP-3 RWA perpetual contracts made up 32.2% of all trading volumes in Q2, which is up from 20.7% in Q1 and just 1.8% in Q4 of 2025.
Quarterly RWA trading volume amounted to $213 billion, and the section accounted for 6.6% of quarterly protocol revenue.
The trend did not stop there. From July 13 to July 19, RWAs turned out to be the largest asset class traded on Hyperliquid, as it accounted for 52% of weekly trading volume. As of the end of July, RWA perpetual futures traded at 99.2% of Bitcoin perpetual futures volume on the platform.
According to data from RWA.xyz, the number of RWA holders grew by 56%, to 1.6 million, whereas the value of on-chain tokenized assets grew by 3.3%, to $37.8 billion.
FAQs
Why is there an uptick in Hyperliquid protocol revenue?
Hyperliquid generated revenues worth $169 million in the second quarter, taking the cumulative protocol revenue to more than $1 billion. At the same time, the protocol dedicated about $141 million for HYPE token repurchase.
How much RWA trading happened in Hyperliquid in Q2?
HIP-3 RWA perpetual contracts comprised 32.2% of second-quarter trading volumes, and quarterly RWA trading reached $213 billion.
What are the technical levels for HYPE?
HYPE was trading above 20 EMA ($55.54), and 50 EMA ($55.22), and below 100 EMA ($56.60) and 200 EMA ($58.95). Immediate resistance was at $57.97, whereas support was seen at $55.20-$55.50, and $53.18.
