Hyperliquid generated $190.87 million in protocol revenue during July–September 2026, the Hyperliquid Research Collective said. That was up 21.7% from the second quarter but down 36.5% from a year earlier. The total included $17.26 million from USDC reserves, which began accruing on August 27; excluding that income, trading and network revenue was $173.61 million, up 10.7% from the previous quarter.
Average daily active traders reached a record 65,161, and open interest ended September at a record $16.76 billion. Payward proposed an HIP-3 trading venue for U.S. clients on September 16, 2026, but it remained under regulatory review at quarter-end, and Hyperliquid remained unavailable to U.S. users.
