How much revenue did Hyperliquid generate in September 2026?

Hyperliquid generated approximately $105 million in September 2026 revenue, roughly flat year over year, according to Grayscale.

How did trading fees' share of Hyperliquid revenue change?

Trading fees accounted for about 64% of revenue, down from more than 90% in mid-2025.

What drove the increase in Hyperliquid's non-core revenue?

Non-core revenue, which doubled year over year to $38 million, included income from third-party markets, distribution partners and USDC reserve yield.

Which companies are linked to potential regulated U.S. markets on Hyperliquid?

Payward, Kraken's parent, plans to become the first CFTC-regulated HIP-3 deployer. ICE partnered with Trade[XYZ] to develop U.S.-regulated perpetual futures markets on Hyperliquid.

What growth opportunity did Grayscale identify for Hyperliquid?

Grayscale identified access to regulated U.S. markets as a potential growth driver, alongside the expansion of Hyperliquid's revenue sources beyond trading fees.

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WuBlockchain

Hyperliquid Generates $105M in September as Revenue Diversifies

Non-core revenue doubled to $38M year over year, while regulated U.S. market access could add another growth channel.

Zipp Editorial Aggregated from WuBlockchain

Hyperliquid Generates $105M in September as Revenue Diversifies

Hyperliquid generated approximately $105 million in revenue in September 2026, roughly flat year over year, according to an October 30 Grayscale report. Trading fees made up about 64% of revenue, down from more than 90% in mid-2025, as other income sources expanded.

Why it matters

Non-core revenue doubled year over year to $38 million. The mix shift includes income from third-party markets, distribution partners and yield on USDC reserves, reducing the share of revenue tied to core trading fees.

Market impact

Grayscale identified regulated U.S. market access as a potential growth driver. Payward, Kraken’s parent, plans to become the first CFTC-regulated HIP-3 deployer, while ICE has partnered with Trade[XYZ] to develop U.S.-regulated perpetual futures markets on Hyperliquid.

The report points to revenue diversification and potential regulated-market expansion, while September’s overall revenue remained roughly flat year over year.

$HYPE #Hyperliquid #PerpetualFutures #DeFi

Frequently asked questions

How much revenue did Hyperliquid generate in September 2026?

Hyperliquid generated approximately $105 million in September 2026 revenue, roughly flat year over year, according to Grayscale.
How did trading fees' share of Hyperliquid revenue change?

Trading fees accounted for about 64% of revenue, down from more than 90% in mid-2025.
What drove the increase in Hyperliquid's non-core revenue?

Non-core revenue, which doubled year over year to $38 million, included income from third-party markets, distribution partners and USDC reserve yield.
Which companies are linked to potential regulated U.S. markets on Hyperliquid?

Payward, Kraken's parent, plans to become the first CFTC-regulated HIP-3 deployer. ICE partnered with Trade[XYZ] to develop U.S.-regulated perpetual futures markets on Hyperliquid.
What growth opportunity did Grayscale identify for Hyperliquid?

Grayscale identified access to regulated U.S. markets as a potential growth driver, alongside the expansion of Hyperliquid's revenue sources beyond trading fees.

Source attribution

Aggregated from WuBlockchain · Verified · Last refreshed 46m ago

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