The Hyperliquid protocol generated $190.87 million in revenue during July-September 2026, the Hyperliquid Research Collective said in a quarterly report published on Nov. 12. The quarter brought record trader numbers and open interest, while the platform continued its push toward the U.S. market without securing approval for U.S. user access.

Revenue increased 21.7% from the second quarter but fell 36.5% from a year earlier, according to the HRC report announcement. The total included $17.26 million in income from USDC reserves, which began accruing on Aug. 27.

Excluding reserve income, trading and network revenue totaled $173.61 million, up 10.7% quarter over quarter. HRC said the USDC component accounted for roughly half of the quarter’s revenue increase.

Trading activity and HIP-3 markets

An average of 65,161 active traders used Hyperliquid each day, a 20% quarterly increase and the third consecutive quarterly record. Cumulative trading volume rose 9.3% to $730.6 billion, while open interest at the end of September climbed 79.9% to a record $16.76 billion.

Quarterly volume in HIP-3 markets increased 23% to $262 billion, representing 35.9% of the platform’s total derivatives trading volume. HIP-3 allows third-party teams to launch trading venues on Hyperliquid’s infrastructure.

Equities overtook commodities to account for 58.8% of HIP-3 volume. Equity trading reached $153.8 billion, 2.6 times the previous quarter’s level, while commodities volume dropped 47.7% to $45.6 billion.

The segment remained highly concentrated. Trade[XYZ] generated 98.9% of HIP-3 volume during the quarter, while operators including EntropyIO, Paragon and Markets by Kinetiq held much smaller shares.

U.S. proposal remains under review

HRC said U.S. President Donald Trump told technology and cryptocurrency executives at the White House on Aug. 19 that the Commodity Futures Trading Commission was working to bring Hyperliquid to the United States in a fully compliant manner. The report stressed that Trump’s statement did not itself constitute authorization.

On Sept. 16, Kraken parent Payward proposed an HIP-3 venue for U.S. clients. Under the proposal, Bitnomial would operate the venue and NinjaTrader Clearing would provide client access. The initiative remained under regulatory review at the end of September, and Hyperliquid remained unavailable to U.S. users.

Hyperliquid founder Jeff Yan later proposed a U.S. regulatory model under which requirements would apply to trading-venue operators rather than the blockchain itself. Intercontinental Exchange, the operator of the New York Stock Exchange, also reached an agreement with Trade[XYZ] to launch a regulated perpetual-futures market built on Hyperliquid. The agreement included a strategic investment and the acquisition of a minority stake in Trade[XYZ].

Buybacks and HyperEVM

The Assistance Fund spent $148.68 million during the quarter to buy back 2.04 million HYPE at an average price of $72.93. The fund bought 26.4% fewer tokens than in the previous quarter despite spending 5.7% more.

Syncracy Capital investor Sunny Shi defended the allocation in the report’s foreword: “In these early stages, we believe token buybacks are precisely the form of capital allocation needed to offset these costs.”

Shi also said independent teams building products on Hyperliquid would play an increasingly important role in the ecosystem’s growth. He cited Trade[XYZ] and Kinetiq and said some independent teams already exceeded Hyperliquid Labs in scale.

Stablecoin supply on HyperEVM increased 27.2% to $7.1 billion, while total value locked fell 17.4% from the previous quarter to $1.19 billion. HRC said the figures showed that rising stablecoin activity and trading volumes do not necessarily produce higher total value locked.

Grayscale analysts separately highlighted Hyperliquid’s revenue diversification. They said external trading venues, partner interfaces and USDC reserve income accounted for $38 million of approximately $105 million in total revenue in September.

Source: Incrypted