Hyperliquid generated about $105 million in revenue in September 2026, including $38 million from sources outside its core trading business, according to Grayscale. Revenue was little changed from $108 million a year earlier, but the share from fees on crypto perpetual contracts listed by the Hyperliquid team fell from more than 90% in mid-2025 to about 64%.
Grayscale attributed the $38 million to sources including third-party markets, partner trading interfaces and yield on USDC reserves. It said the reserve revenue depends on deposit volumes and interest rates, rather than directly on trading activity. Looking ahead, Grayscale said regulated US market operators could provide growth; it cited an agreement to create a regulated perpetual futures market and a separate plan by Kraken’s parent company to become a regulated market operator.
