Hyperliquid revenue hits $105M in September, a third from new sources

What was counted. Grayscale's head of research Zach Pandl writes in The Stack newsletter that Hyperliquid generated about $105 million in revenue in September 2026. A year earlier it was $108 million, even though a crypto bear market came in between. The data is from Artemis as of October 27.

Where the money comes from. In mid-2025 more than 90% of revenue came from fees on crypto perpetual futures listed by the Hyperliquid team. Now it is about 64%. Four other streams make up the rest. First, third-party HIP-3 markets: outside firms list perps on silver, oil and pre-IPO shares and can keep up to half the fees. Second, builder codes: the Phantom wallet, the Hyperdash interface and the VALR exchange route orders to Hyperliquid and add their own fee. Third, reserve yield: under a deal with Coinbase and Circle, Coinbase passes 90% of the income on roughly $6 billion of USDC held on Hyperliquid to the platform. Fourth, spot trading, HyperEVM gas and ticker auctions, worth about $5 million in September.

How much is outside core trading. Grayscale puts it at $38 million for September, double a year earlier. It singles out the USDC yield: it depends on deposits and interest rates, not on trader activity, so it is steadier.

What comes next. Grayscale sees regulated access for US traders as the next growth lever. Payward, the parent of Kraken, intends to become the first CFTC-regulated HIP-3 deployer. ICE, owner of the New York Stock Exchange, is working with Trade.xyz on a US-regulated perpetual futures market built on Hyperliquid. We covered that on October 29.

Limits. This is a note from an asset manager that runs a fund on the HYPE token (ticker HYPG), and Grayscale discloses it may hold the assets it covers. The revenue figures come from the third-party data service Artemis. The exchange itself does not publish financial statements.

Confirmed facts

• According to Grayscale, Hyperliquid made about $105 million in September 2026, versus $108 million a year earlier.^[1][3][4]
• The share of core crypto perp fees fell from over 90% in mid-2025 to about 64%.^[1][3][4]
• Revenue outside core trading was $38 million in September, double a year earlier.^[1][2][4]
• HIP-3 deployers can keep up to half of trading fees, with the rest going to the protocol.^[1][4]
• Coinbase passes Hyperliquid 90% of the reserve income on roughly $6 billion of USDC held on the platform.^[1][2][3]
• Spot, HyperEVM gas, priority fees and ticker auctions brought in about $5 million in September.^[1][4]
• Kraken parent Payward intends to become the first CFTC-regulated HIP-3 deployer, and ICE is working with Trade.xyz on a US-regulated perps market.^[1]
• Grayscale's revenue data comes from Artemis, as of October 27, 2026.^[1]
• Grayscale runs the Grayscale Hyperliquid Staking ETF (HYPG), which offers exposure to the HYPE token.^[2][3]

Implications

• ConfirmedHyperliquid's revenue is more diversified: about a third no longer comes from its own crypto perps.
• Our readingUSDC yield depends on rates, so lower US rates could shrink this stream. This is our reading.
• Our readingUS-regulated markets could add volume, but timing and approvals are not known yet. This is our reading.

Still unknown

• How much each stream earned, apart from spot and auctions
• When the ICE and Payward US-regulated markets will go live
• How the USDC yield will change if US rates fall

Who it affects

Global, United States. Futures traders, HYPE holders and anyone comparing crypto exchanges

Sources

1. Grayscale: How Hyperliquid Makes Money (The Stack) October 30, 2026 · official
2. Grayscale on X: Hyperliquid's outsourced revenue model hit $38M last month October 30, 2026 · official
3. BeInCrypto: Hyperliquid Makes Money in a Bear Market Without Anyone Trading, Grayscale Says October 30, 2026 · media
4. Incrypted: Hyperliquid получила $38 млн от сторонних источников дохода, Grayscale October 31, 2026 · media