- Coinbase sends Hyperliquid 90% of interest earned on approximately $6 billion in USDC deposits, creating recurring revenue independent of trading activity.
- Grayscale reports that Hyperliquid generated $105 million in September, while trading fees declined to 64% of revenue as other income sources expanded.
- HIP-3, Builder Codes and institutional partnerships with ICE and Trade.xyz broaden Hyperliquid’s revenue opportunities and market reach.
Hyperliquid generated $38 million from outsourced revenue streams last month, according to Grayscale’s October 30 research. A major contributor is Coinbase, which sends 90% of interest earned on approximately $6 billion in USDC deposits. Meanwhile, Intercontinental Exchange (ICE), the New York Stock Exchange’s parent, is partnering with Trade.xyz on U.S. perpetual futures.
Coinbase Deal Adds Recurring Income to Hyperliquid
Coinbase became Hyperliquid’s USDC treasury partner in May, allowing the exchange to receive most interest generated by stablecoin reserves. Grayscale identifies this arrangement as a steady revenue source because payments do not depend on trading activity.
Coinbase retains the remaining 10% and control of the deposits. However, USDC became Hyperliquid’s main trading currency, replacing USDH, a rival stablecoin designed to keep reserve income within the ecosystem.
Hyperliquid generated approximately $105 million in September, nearly matching its earnings from the previous year despite weaker crypto market conditions. Its revenue mix has also changed. Trading fees accounted for more than 90% of revenue in mid-2025, but fell to 64% by September.
Third Parties Expand Hyperliquid’s Revenue Sources
Grayscale identifies several additional income streams. Under HIP-3, third-party deployers can list perpetual futures tied to commodities, equities and pre-IPO assets. These operators can retain up to half the fees generated.
Builder Codes provide another source of income. Platforms including Phantom, Hyperdash and Fomo route orders through Hyperliquid and earn fees. The network also collects income from spot trading and token-listing auctions.
Additionally, Coinbase passes reserve income generated from approximately $6 billion in USDC deposits to Hyperliquid. Grayscale reported that these outsourced sources reached $38 million last month.
Institutional Partnerships Bring More Attention
ICE has partnered with Trade.xyz to develop U.S. perpetual futures on Hyperliquid. Kraken’s parent has also moved to bring the platform to American traders.
Meanwhile, Grayscale’s research says 99% of Hyperliquid’s fees go to a fund that buys and burns HYPE tokens. The firm also offers the Grayscale Hyperliquid Staking ETF (HYPG) and discloses potential holdings of covered assets.
