Hyperliquid Revenue Hits $190.9M in Q3 as USDC Yield Boosts Growth

TLDR:

Hyperliquid generated $190.9M in Q3 revenue, marking a 21.7% increase from the previous quarter.
USDC reserve yield contributed $17.3M, accounting for nearly half of the quarterly revenue increase.
The Assistance Fund spent $148.7M on HYPE buybacks, purchasing 26.4% fewer tokens than in Q2.
Equity perpetuals recorded $153.8B in HIP-3 volume, capturing 58.8% of quarterly trading activity.

Hyperliquid protocol revenue reached $190.9 million in the third quarter, according to the Hyperliquid Research Collective (HRC).
The figure rose 21.7% from the previous quarter but fell 36.5% from a year earlier. It marks the platform’s highest quarterly total of 2026.
USDC reserve yield, accrued since August 27, contributed $17.3 million to the result. That amount accounts for nearly half of the quarterly revenue increase. Priority fees also climbed to $9.6 million.
Revenue Growth and HYPE Buybacks
HRC, an independent research initiative founded by Four Pillars and GLC Research, produced the report. Trading and network revenue rose 10.7% to $173.6 million.
The remaining $17.3 million came from USDC reserve income. Together, these components make up the full Hyperliquid protocol revenue figure for the quarter.
Meanwhile, the Assistance Fund spent about $148.7 million on HYPE during the period. That spending was 5.7% higher than in Q2. However, the fund bought 26.4% fewer tokens because its average purchase price rose to $72.93.
The Assistance Fund received its first USDC reserve payment in early October. As a result, those funds are available for Q4 buybacks.
User activity also grew. Hyperliquid recorded a quarterly high of 65,161 daily active traders, up 20% from Q2. In addition, builder-code fees earned by third-party apps rose 50% to $25 million. Altogether, activity grew across traders, apps, and buybacks during the quarter.
HIP-3 Equity Markets and US Access Plans
Equity perpetuals overtook commodities on HIP-3 during the quarter. They traded $153.8 billion, up 161% QoQ, and made up 58.8% of HIP-3’s $262 billion in volume. Korean stocks helped drive the increase.
However, a July reference-price incident in the SK hynix perpetual triggered $57.4 million in liquidations. The report states that this exposed a weakness in how these markets price risk outside local trading hours. Also, trade[XYZ] handled 97.5% of HIP-3 volume in September.
Native crypto markets recovered at the same time. Native perpetuals volume rose 72% from July to September. Consequently, HIP-3’s share of perpetuals volume fell from 51% to 25%, even as its quarterly volume set a record.
Hyperliquid protocol revenue growth therefore coincided with expansion in both equity and native crypto markets. Coinbase also routed Base App perpetuals to Hyperliquid.
On August 19, President Trump said the CFTC was working to bring Hyperliquid to the US. Then, on September 16, Payward, Kraken’s parent, announced plans for Bitnomial, a US-regulated derivatives exchange, to operate a HIP-3 venue.
Payward would use a potential competitor’s infrastructure to serve its own clients. Regulatory approval was still pending at quarter-end, so US clients could not yet trade on the venue.
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