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.