Hyperliquid Revenue Reaches $105 Million in September as Non-Core Income Doubles
Key Facts
Grayscale estimated Hyperliquid revenue at about $105 million in September 2026, close to $108 million in September of the previous year. The figure reflects a roughly stable total alongside a clear shift in revenue sources. Non-core revenue doubled to $38 million in September, according to the company’s analysis dated October 30. This category includes sources beyond core trading fees, including contract markets launched by third parties and reserve returns. These estimates differ from the annual net protocol revenue reported in a separate disclosure.
Core trading fees fell to about 64% of revenue in Grayscale’s analysis, down from more than 90% in mid-2025. Core fees include perpetual cryptocurrency contracts listed by the Hyperliquid team. By contrast, the HIP-3 framework allows third parties to create perpetual contract markets, including silver, oil and pre-IPO company shares. Entities launching these markets can receive up to half of trading fees, with the remainder going to the protocol, according to Grayscale. The expansion of these activities means the revenue mix has become less reliant on contracts listed by the team.
Another source of income is the reserve return linked to USDC stablecoin deposited on the platform. Grayscale said Coinbase passes 90% of reserve income from about $6 billion of USDC held on the platform to Hyperliquid, under a deal with Coinbase and Circle. It said reserve returns depend on deposit levels and interest rates, not trading volumes alone. This distinguishes the source from fees that move with trader activity. The company also listed spot trading, HyperEVM gas fees, priority fees and token auctions among revenue sources.
Revenue from spot trading, gas and priority fees, and token auctions totaled about $5 million in September, according to Grayscale. That places these activities together among the smaller components of non-core revenue, alongside reserve returns and HIP-3 markets. HIP-3 markets have become a substantial part of platform activity: Hyperliquid Strategies’ annual disclosure filed with the U.S. Securities and Exchange Commission showed they accounted for about 48.0% of total Hyperliquid trading volume on a rolling 30-day basis through August 23, 2026. Their cumulative volume exceeded $514 billion from launch through the same date. The HIP-3 framework was launched in November 2025, according to the disclosure.
The same disclosure puts Hyperliquid’s volume in the context of the on-chain perpetual contract market, estimating its share at about 40.1% of global 24-hour trading volume and 62.5% of open interest through August 23, 2026. Cumulative perpetual contract trading volume on the platform also exceeded $5.4 trillion from launch through that date. The disclosure said the protocol generated about $857 million in net revenue in 2025, based on publicly available data. That figure covers a full year and uses a net measure, unlike Grayscale’s September revenue estimate. In token economics, 99% of protocol fees were allocated to the Assistance Fund, which had acquired 46.7 million HYPE tokens and permanently removed them from circulation through August 23, 2026.
Attention is also turning to plans to make perpetual contract markets available to U.S. customers, which were not yet included in September revenue. Payward said on September 16, 2026, that it intended to launch these on-chain markets, starting with HIP-3 markets on Hyperliquid. According to the company, Bitnomial will create, own and operate the market, and will also clear and settle the contracts, while NinjaTrader Clearing will hold customer accounts. Trading will be limited to accounts that meet the companies’ whitelisting requirements, according to Payward’s announcement. The proposed launch remains subject to regulatory approval, while Grayscale described regulated access to the U.S. market as a potential growth path.