Slide 1: HYPD Q2 2026 Earnings Supplement
Hyperion DeFi © 2026 1 HYPD Q2 2026 Earnings Supplement NASDAQ: HYPD More than just HYPE.
Slide 2: Use of Non-GAAP Financial Measures
Hyperion DeFi © 2026 2 Use of Non - GAAP Financial Measures This presentation includes certain non - GAAP financial measures (including on a forward - looking basis) such as Adjusted Gross Profit, Gross HYPE Holdings, Net Asset Value, Operating Expenses Excluding Stock - Based Compensation, Treasury
Slide 3: 12-Month Operating Performance Demonstrates HYPD Investment Thesis
Hyperion DeFi © 2026 3 12 - Month Operating Performance Demonstrates HYPD Investment Thesis TOTAL CHANGE Q2 2026 Q3 2025 6/30/25 FINANCIAL KPI HYPD THESIS +56% 2.04 M 1.72 M 1.31 M Gross HYPE Tokens (2) Growing HYPE Treasury +192% $132.6 M $77.8 M $45.5 M Gross HYPE Holdings (4) HYPE Token Appreciat
Slide 4: Hyperion's Differentiated Value Proposition vs. Traditional DAT
Hyperion DeFi © 2026 4 Hyperion’s Differentiated Value Proposition vs. “Traditional DAT” $HYPE $HYPE Shareholder Value Tied to HODL + Ecosystem Engagement Income Shareholder Value Tied to HODL Multiple DEFI businesses Multiple DEFI businesses Traditional DAT HYPD Ecosystem Growth Over Time
Slide 5: HYPD's Triple-Dip Deployment Creates Three Value-Creation Frontiers
Hyperion DeFi © 2026 5 (1) Growing HYPE Treasury (2) Ramping DeFi Businesses (3) Upside in HYPE Ecosystem + + = HYPD’s “Triple - Dip” Deployment Creates Three Value - Creation Frontiers Institutional Validator Vault Infrastructure Permissionless Markets Markets Listing Service On - Chain Lending Poo
Slide 6: Five Diversified Operating Business Lines
Hyperion DeFi © 2026 6 Five Diversified Operating Business Lines QoQ Growth Q2’26 Q1’26 Q4'25 Q3'25 (In $ Thousands) (40%) 90 150 285 - Ecosystem Rewards (36%) 158 245 102 <1 DeFi Monetization 58% 334 211 79 78 Yield Enhancement 4% 42 40 49 21 Validator Commissions 69% 527 313 305 340 Staking Yield
Slide 7: We Are Reiterating Existing Guidance
Hyperion DeFi © 2026 7 We Are Reiterating Existing Guidance. We Anticipate $5M - $7M Adjusted Gross Profit (1) in 2026, ~5x 2025 FY Results. 2026 Guidance vs. 2025 Actual FY’26 Guidance Q4’26 Q3’26 Q2’26 Q1’26 FY’25 Q4’25 Q3’25 Adjusted Gross Profit (1) Guidance ~4x $4M - $6M - - - - $1.28M $0.82M $
Slide 8: HYPD Treasury Over Time
Hyperion DeFi © 2026 8 HYPD Treasury Over Time *The June 30, 2025 Gross HYPE Holdings figure represents HYPE Digital Assets held at cost basis. Note: Gross HYPE Holdings is non - GAAP financial measure. See “Footnotes” and "Financial Supplement" sections for detailed defini tions and reconciliations
Slide 9: About Hyperion DeFi
Hyperion DeFi © 2026 9 About Hyperion DeFi Note: All metrics in this “ About Hyperion DeFi ” Section are as of July 31, 2026, unless otherwise indicated
Slide 10: HYPD's Institutional Products & Services
Hyperion DeFi © 2026 10 HYPD’s Institutional Products & Services VALIDATOR & STAKING We operate the Kinetiq x Hyperion Validator, partnered with Blockdaemon to expand institutional Hyperliquid staking infrastructure. Kinetiq is the #1 liquid staking protocol on Hyperliquid. INSTITUTIONAL VAULT A str
Slide 11: Early Mover Advantages Create Compounding Revenue Streams
Hyperion DeFi © 2026 11 Early Mover Advantages Create Unique Opportunities for Compounding Revenue Streams Hyperliquid Staking Yield Validator Commissions Hyperliquid Staking Yield Hyperliquid Staking Yield Validator Commissions Yield Enhancement Validator Commissions Yield Enhancement Hyperliquid S
Slide 12: How HYPD Drives the Institutional Adoption Flywheel
Hyperion DeFi © 2026 12 Hyperion DeFi stakes and deploys HYPE into the Hyperliquid Ecosystem Clients unlock unique utility on Hyperliquid; Hyperion DeFi earns fees from Clients Client activity promotes broader Hyperliquid adoption Hyperion earns Validator Commissions and Ecosystem Rewards Hyperion D
Slide 13: Slide Source: Kinetiq
Hyperion DeFi © 2026 13 Slide Source: Kinetiq
Slide 14: Aviya by HyperLend: Institutional Credit on Hyperliquid
Aviya by HyperLend: Institutional Credit on Hyperliquid A permissioned, compliance-gated venue offering institutions fixed-rate financing against on-chain collateral. (vr) What is Aviya? fa) e) © 5) Permissioned, compliance-gated credit venue (KYC/KYB) Bilateral, fixed-rate, fixed-term institutional
Slide 15: Rysk x Hyperion Partnership Growth
$900M+ CUMULATIVE NOTIONAL RYSK X HYPERION WHAT HAPPENED IN Q2 PARTNERSHIP GROWTH Signed a revenue - share agreement to onboard new institutional LPs Hyperion's institutional volatility income vault. Live on Hyperliquid via Rysk Premium. HYPERION CASH - SECURED PUTS VAULT RYSK PROTOCOL OVERVIEW INFR
Slide 16: Silhouette: Hyperliquid Market Anchors
SILHOUETTE · HYPERLIQUID MARKET ANCHORS $1B Paradigm RFQ daily volume 109% Crypto OTC YoY growth ’25 $250B+ Hyperliquid perps monthly volume RFQ Market . 60%+ institutional share of crypto flow · 20 – 50% of institutional crypto execution happens off - exchange RFQ FLOW 01 / REQUEST Counterparty Req
Slide 17: Skew x Hyperion Partner Overview
PARTNER OVERVIEW Skew x Hyperion Custom institutional markets on Hyperliquid, backed by Hyperion's HAUS facility. EARLY GROWTH WAITLIST 40,000+ users signed up to the waitlist in only two weeks USERS Over 12,000 user wallets connected in anticipation of private beta PARTNER MARKETS A robust pipeline
Slide 18: More than just HYPE
Hyperion DeFi © 2026 18 Frictionless exposure to Hyperliquid’s native token HYPE. Access next - generation Decentralized Finance (DeFi). Bridging public markets and on - chain strategies. More than just HYPE. NASDAQ: HYPD
Slide 19: About Hyperion DeFi
Hyperion DeFi © 2026 19 About Hyperion DeFi Note: All metrics in this “ About Hyperion DeFi ” Section are as of July 31, 2026, unless otherwise indicated
Slide 20: Why Hyperliquid (HYPE)?
Hyperion DeFi © 2026 20 [ Why Hyperliquid (HYPE)? Top 1 revenue and Top 10 market cap cryptocurrency Source: CoinMarketCap Source: Artemis As July 31, 2026 As of July 31, 2026 Top Fees (24h) [ NAME 1 Bitcoin BTC 2 Ethereum ETH 3 XRP XRP 4 BNB BNB 5 Solana SOL 6 TRON TRX 7 Hyperliquid HYPE 8 Dogecoin
Slide 21: Hyperliquid's Unique Token Design
Hyperion DeFi © 2026 21 BUYBACKS MARKET CAP** STAKING YIELD FIXED SUPPLY TOKEN $1,254.02 Billion Bitcoin $224.21 Billion Ethereum $42.49 Billion Solana $13.89 Billion Hyperliquid Hyperliquid’s Unique Token Design Hyperliquid generates an annualized fees of ~ $ 650 M* . ~ 99 % of this revenue goes ba
Slide 22: Hyperliquid Trading Platform Experiencing Rapid Adoption and Growth
Hyperion DeFi © 2026 22 Hyperliquid’s (HYPE) Trading Platform Is Experiencing Rapid Adoption And Growth Hyperliquid Cryptocurrency Market Cap Ranking #7 Hyperliquid Market Cap ~$ 13 .9 Billion Cumulative Fees Generated on Hyperliquid $1.5 Billion Hyperliquid Circulating Token Supply ~253 Million Cum
Slide 23: Hyperliquid's Parabolic Growth
Hyperion DeFi © 2026 23 Hyperliquid’s Parabolic Growth Hyperliquid has become the leading platform for on - chain derivatives, seen through its rapidly growing fees and crypto perpetuals (“perp”) trading volume expansion since its Token Genesis Event in November 2024. Source: Defi Llama Key Metrics
Slide 24: HIP-3 Brought Real-World Assets Onto Hyperliquid
Hyperion DeFi © 2026 24 “HIP - 3” Brought Real - World Assets Onto Hyperliquid Source: Artemis HIP - 3 Markets Open Interest by Token
Slide 25: HIP-4 Brings Outcome Markets to Hyperliquid
Hyperion DeFi © 2026 25 “HIP - 4” brings Outcome Markets to Hyperliquid (prediction markets, options, and other binary - outcome events) Source: https://hl.eco/hip4 Volume by Category $296.42M across 3 categories – sports leads with 52%
Slide 26: Financial Supplement
Hyperion DeFi © 2026 26 Financial Supplement
Slide 27: HYPD Non-GAAP Income Summary
Hyperion DeFi © 2026 27 HYPD Non - GAAP Income Summary Note: Adjusted Gross Profit, Operating Expenses Excluding Stock - Based Compensation, Treasury Gains (Losses), Adjusted Other Inco me (Expense), and Adjusted EBITDA are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" se
Slide 28: HYPD Non-GAAP Cash Flow Summary
Hyperion DeFi © 2026 28 HYPD Non - GAAP Cash Flow Summary Note: Adjusted Net Operating Cash Flow and Adjusted Net Investing Cash Flow are non - GAAP financial measures. See “Footnotes” and "Financial Supplement" sections for detailed definitions and reconciliations to the nearest GAAP metric. Q2 202
Slide 29: Description of Q2 2026 Digital Assets Operating Business Lines
Hyperion DeFi © 2026 29 Description of Q2 2026 Digital Assets Operating Business Lines within Non - GAAP Adjusted Gross Profit (1) *Throughout this document, LST(s) is the abbreviation for “Liquid Staking Token(s)”, including HiHYPE (Hyperion Institutional HY PE), kHYPE (Kinetiq Staked HYPE), and km
Slide 30: Reconciliation of Adjusted Gross Profit
Hyperion DeFi © 2026 30 Non - GAAP Financial Measures & Reconciliations Reconciliation of Adjusted Gross Profit (1) (unaudited) Note: See “Footnotes” section for detailed explanations and definitions. The sum of individual metrics may not always equal t ota l amounts indicated due to rounding. For t
Slide 31: Gross HYPE Holdings as of June 30, 2026
Hyperion DeFi © 2026 31 As of June 30, 2026 Token Price $ Token Count Value $ 64.95 1,141,174 74,119,231 HYPE digital assets Add: 22.17 398,277 8,828,972 HiHYPE at carrying value 34.91 455,434 15,897,330 kHYPE at carrying value 20.67 28,888 597,068 kmHYPE at carrying value N.M.* 18,340 33,192,611 Un
Slide 32: Gross HYPE Holdings as of March 31, 2026
Hyperion DeFi © 2026 32 As of March 31, 2026 Token Price $ Token Count Value $ 36.62 690,505 25,286,164 HYPE digital assets Add: 36.62 302,327 11,071,201 HYPE digital assets receivable* 36.62 250,000 9,230,486 HYPE digital intangible assets receivable** 20.58 378,277 7,785,852 HiHYPE at carrying val
Slide 33: Gross HYPE Holdings as of December 31, 2025
Hyperion DeFi © 2026 33 As of December 31, 2025 Token Price $ Token Count Value $ 25.43 638,352 16,233,941 HYPE digital assets Add: 25.43 300,725 7,647,740 HYPE digital assets receivable* 21.18 398,277 8,437,277 HiHYPE at carrying value 22.49 505,434 11,369,458 kHYPE at carrying value 22.49 28,888 6
Slide 34: Q3'25 Reconciliation of Gross HYPE Holdings
Hyperion DeFi © 2026 34 Non - GAAP Financial Measures & Reconciliations Q3’25 Reconciliation of Gross HYPE Holdings (4) (unaudited) *The Company did not hold any LSTs on or prior to June 30, 2025. Therefore, as of September 30, 2025, the in - period change in un realized accretion (dilution) expecte
Slide 35: Reconciliation of Operating Expenses Excluding Stock-Based Compensation
Hyperion DeFi © 2026 35 For the Three Months Ended Reconciliation of Operating Expense Excluding Stock - Based Compensation (5) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Value $ Value $ Value $ Value $ 3,918,591 4,493,604 4,530,542 2,594,130 Selling, general and administrativ
Slide 36: Reconciliation of Treasury Gains (Losses)
Hyperion DeFi © 2026 36 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 30,650,049 8,478,848 (39,958,264) 4,125,685 Net Operating Income (Expenses) Add Back : 58,492 286,764 188,954 373,855 Research and development expense 3,918,591 4,493,6
Slide 37: Reconciliation of Adjusted Other Income (Expense)
Hyperion DeFi © 2026 37 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 (56,779) 108,431 (288) 2,197,391 Total Other Income (Expense), Net Add Back : 233,760 225,869 224,799 223,080 Interest Expense - (225,173) - (2,407,154) Reduction in li
Slide 38: Reconciliation of Adjusted EBITDA
Hyperion DeFi © 2026 38 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 30,950,963 8,840,550 (39,765,565) 6,625,582 Net Income (Loss) Add back : 1,632,349 1,804,485 1,712,361 (1,347,031) Stock - based compensation 233,760 225,869 224,799 22
Slide 39: Reconciliation of Net Asset Value
Hyperion DeFi © 2026 39 (Figures in $) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 132,635,212 71,037,344 47,837,901 77,751,604 HYPE digital assets, as adjusted to Gross HYPE Holdings (4) 172,196 193,780 111,406 - Add: KNTQ & sKNTQ at Carrying Value 91,000 149,820 - - Add: HPL
Slide 40: Reconciliation of Adjusted Net Investing Cash Flow
Hyperion DeFi © 2026 40 For the Three Months Ended (Figures in $) June 30, 2026 March 31, 2026 Dec. 31, 2025 Sept. 30, 2025 (5,642,387) (1,472,835) (6,319,039) (20,112,041) Net Cash and Cash Equivalents Used in Investing Activities (523,285) - - - Add : Net Impact of Non - Cash Digital Asset Acquisi
Slide 41: Footnotes
Hyperion DeFi © 2026 41 Footnotes
Slide 42: Footnotes
Hyperion DeFi © 2026 42 Footnotes 1. “Adjusted Gross Profit” is a non - GAAP measure. Adjusted Gross Profit is defined as all in - period gross profit generated by the C ompany’s operations excluding gains and losses on its digital asset treasury. Such operating activities include staking yield, val
Slide 43: Footnotes (continued)
Hyperion DeFi © 2026 43 Footnotes (continued) 8. “Adjusted EBITDA” is a non - GAAP measure. Adjusted EBITDA is meant to reflect management’s view of recurring business activities and a more comparable view of the mark - to - market impacts on our digital asset treasury holdings in - period. It is re