Decentralized exchange Hyperliquid generated about $105 million in revenue in September 2026, including $38 million from third-party markets, partner platforms and yield on USDC stablecoin reserves, according to a Grayscale report published on Oct. 30. Grayscale said the broader revenue mix reduces the protocol’s reliance on fees from crypto perpetual futures trading and moves it toward becoming a wider financial platform.

September revenue was little changed from the $108 million recorded in the same period a year earlier, but its composition shifted significantly, Grayscale said. In mid-2025, more than 90% of revenue came from fees on perpetual crypto-asset contracts listed by the Hyperliquid team. That share was about 64% in September 2026.

Non-core revenue reaches $38 million

Monthly revenue from sources outside Hyperliquid’s core trading business reached $38 million, double the level recorded a year earlier, according to Grayscale. The asset manager identified four additional revenue streams.

Under the protocol’s deployer perpetuals model, known as HIP-3, third-party operators can launch perpetual contracts tied to silver, oil, equities and private-company assets. Operators can receive as much as half of the trading fees, with the balance going to the protocol.

Hyperliquid also earns revenue through builder codes. Wallets and trading interfaces including Phantom and Hypurrdash, along with exchanges such as VALR, route orders to Hyperliquid and charge an additional fee.

A third stream comes from USDC reserves. Under an agreement with Coinbase and Circle, Hyperliquid receives 90% of reserve revenue from about $6 billion in USDC held on the platform, according to Grayscale. The asset manager said this revenue depends on deposit volumes and interest rates rather than directly on trading activity, potentially making it a more stable source of income.

Spot trading and auctions generated about $5 million in September, Grayscale said. That category includes fees from trading bitcoin, Ethereum and HYPE, as well as HyperEVM gas fees, priority payments and auctions for new token tickers.

Regulated operators target US market

Grayscale said regulated operators entering the US market could provide the next source of growth. Intercontinental Exchange, the parent company of the New York Stock Exchange, reached an agreement with Trade[XYZ] to create a regulated US perpetual futures market using Hyperliquid infrastructure.

Separately, Payward, Kraken’s parent company, plans to become the first HIP-3 market operator regulated by the Commodity Futures Trading Commission, according to the report.

The development of such venues is consistent with Hyperliquid founder Jeff Yan’s approach to regulation. Yan has proposed making the companies that operate trading markets responsible for compliance rather than placing that responsibility on the blockchain itself. In his view, this structure would allow traditional financial institutions to use Hyperliquid infrastructure without making the protocol itself a regulated exchange.

Source: Incrypted