Grayscale’s Hyperliquid platform generated approximately $105 million in revenue during September 2026, up roughly 24% from about $85 million in August and marking the highest monthly fee total of 2026. The figure remains below the August 2025 peak of about $123 million, but it highlights a meaningful shift in Hyperliquid’s revenue structure.
Core trading fees totaled about $67 million, accounting for 64% of September revenue. That is a notable decline from mid-2025, when core trading fees represented more than 90% of total income. The remainder came from diversified, non-core streams that reached $38 million — roughly 36% of the monthly total — and doubled year-over-year.
Grayscale outlined four outsourced revenue streams supporting Hyperliquid’s model. Through HIP-3, third parties can list perpetual futures tied to commodities, equities, and pre-IPO assets, producing about $7 million in deployer perpetual fees. Builder code fees added roughly $11 million, with participants such as Phantom, Hypurrdash, and Fomo routing orders to the platform. The USDC reserve yield contributed around $15 million, with Coinbase passing 90% of reserve income from $6 billion in USDC deposits to Hyperliquid. Spot fees and other onchain charges accounted for the remainder.
The report also pointed to growing regulated U.S. market access as a potential growth driver. ICE, the parent company of the New York Stock Exchange, has partnered with Trade[XYZ] to develop U.S. perpetual futures on Hyperliquid. Grayscale said the partnership would build those products in the United States, while Kraken’s plans to deploy CFTC-regulated products could further improve Hyperliquid’s market presence.
Grayscale also referenced its HYPG product, which offers exposure to the Hyperliquid token, HYPE. The firm cautioned that purchasing HYPG is not a direct purchase of HYPE and described it as an exchange-traded product. It warned that HYPG is not registered under the Investment Company Act of 1940, lacks the protections applied to registered ETFs and mutual funds, and is unsuitable for investors who cannot afford to lose their entire commitment.
At the time of reporting, HYPE traded at $91.90, down 4.31% over 24 hours, with reported volume of $2,719,738,161. CoinMarketCap ranked Hyperliquid ninth by market capitalization at $23,298,347,328, with a circulating supply of 253,531,519 HYPE against a maximum supply of 950,422,105 tokens.
