---
title: "Hyperliquid Q3 Protocol Revenue Hits $190.9M, With USDC Reserve Yield Accounting for Nearly Half of Revenue Growth"
url: https://thecoingazette.com/hyperliquid-q3-protocol-revenue-hits-190-9m-with-usdc-reserve-yield-accounting-for-nearly-half-of-revenue-growth/
date: 2026-11-13
modified: 2026-11-13
lang: en
author: "Coin Gazette Editorial"
description: "According to Hyperliquid Research Collective (HRC), Hyperliquid’s Q3 protocol revenue reached $190.9..."
categories:
  - "Crypto News"
tags:
  - "crypto"
  - "cryptocurrencies"
  - "Defi"
  - "Market Trends"
  - "News"
word_count: 82
---

# Hyperliquid Q3 Protocol Revenue Hits $190.9M, With USDC Reserve Yield Accounting for Nearly Half of Revenue Growth

According to Hyperliquid Research Collective (HRC), Hyperliquid’s Q3 protocol revenue reached $190.9 million, up 21.7% QoQ but down 36.5% YoY, marking its highest quarterly revenue of 2026. USDC reserve yield accrued since August 27 contributed $17.3 million, accounting for nearly half of the quarterly revenue increase.Priority fees reached $9.6 million, approximately 3.3 times the previous quarter’s level. Hyperliquid also recorded a quarterly high of 65,161 daily active traders, while its Assistance Fund spent approximately $149 million on HYPE buybacks during the quarter.