Hyperliquid Ecosystem Surpasses $100M Run-Rate on Third-Party Growth

• Third-party revenue reached a $104M run rate, up sharply from $23M a year ago.
• HIP-3 markets surged, at times contributing up to 40% of Hyperliquid’s daily trading volume.
• Builder code adoption grows with HIP-3 as third-party interfaces hit 10% volume.

Hyperliquid’s third-party ecosystem has reached a milestone, achieving an annualized revenue run-rate of over $100 million in the first quarter of 2026. The numbers tell a story of increasing adoption that few in the industry expected.

Third-party ecosystem revenue sat at $23 million in Q1 2025. It dipped to $5 million in Q2 before recovering strongly to $76 million annualized in Q3, then $91 million in Q4. 

By Q1 2026, the run-rate has surpassed $104 million, with third-party revenue now representing 16.2% of total Hyperliquid revenue.

What Drove the Breakout

According to Ryan Watkins, co-found…

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