Hyperliquid Revenue Rises 21.7% QoQ to About $191 Million
Key Facts
Hyperliquid protocol revenue rose 21.7% quarter over quarter in the third quarter of 2026 to about $191 million, according to The Block. Revenue nevertheless remained 36.5% below the same period a year earlier, indicating that the quarterly improvement did not make up for the year-over-year decline. The platform also recorded growth in derivatives trading activity and open interest. The figures place revenue performance within a broader expansion in the platform’s use, from crypto perpetual futures to markets linked to traditional assets. Quarterly revenue also included income from USDC stablecoin reserves, alongside trading-related activity.
Open interest in Hyperliquid derivatives reached a record $16.8 billion at the end of the third quarter, up nearly 80% from the end of June, according to The Block. The figure reflects the size of outstanding positions at the end of the period, while the platform’s share of open interest across it and eight major exchanges rose to 11.7%, from 9.6% three months earlier. The increase in share coincided with growth in trading volumes on the platform during the quarter. Native crypto perpetual futures volume rose from $109.5 billion in July to more than $188 billion in September. The average number of daily traders also reached a quarterly record of 65,161, according to the same source.
The expansion extended to equity-linked perpetual futures, whose trading volume rose 161% to $153.8 billion in the third quarter, surpassing commodities within the HIP-3 framework, according to The Block. HIP-3, launched by Hyperliquid in November 2025, allows third-party operators to create perpetual futures markets on the platform’s order book in exchange for staking HYPE, according to a filing with the U.S. Securities and Exchange Commission. The reference assets for these markets include equities, commodities, indices and other real-world assets. The filing said HIP-3 markets accounted for 48.0% of Hyperliquid’s total trading volume during the 30 days ended August 23, 2026, while their cumulative volume since launch exceeded $514 billion. These figures show the widening range of markets available on the platform, without specifying any single market’s contribution to quarterly revenue or to a particular day’s activity.
Quarterly revenue had several components, including $17.3 million from an arrangement for income on USDC reserves linked to Coinbase’s role as Hyperliquid’s treasury manager, according to The Block. This income differs from revenue generated by trading activity, which remains the platform’s primary revenue source, according to Castle Labs. Hyperliquid revenue, according to the research firm, totaled $69.3 million during the 30 days ended November 14, 2026, averaging $2.3 million a day. The estimate provides an indication of revenue in a period after the third quarter, but it does not establish a single-day figure or characterize one as a record. A filing with the U.S. Securities and Exchange Commission also said that 99% of protocol fees are allocated to the Assistance Fund to buy HYPE tokens on the open market.
The regulatory filing puts the platform’s scale in a broader context: cumulative perpetual futures trading volume on Hyperliquid since its launch exceeded $5.4 trillion, and the protocol generated about $857 million in net revenue in 2025. According to data for August 23, 2026, cited in the filing, the platform accounted for 40.1% of global on-chain perpetual futures trading volume over 24 hours and 62.5% of open interest in that market. Possible future developments could include the HIP-4 framework, which may enable event-linked contracts, prediction markets, options and other structured financial products, according to the filing. The filing framed these areas as future possibilities contingent on execution, not as an announcement that they had launched. Quarterly revenue growth, alongside expanding trading and a broader income mix, remains the clearest indicator of Hyperliquid’s third-quarter performance.