Hyperliquid Earns $38M As Per Grayscale as Coinbase Shares USDC Reserve Yield

Coinbase sends Hyperliquid 90% of interest earned on approximately $6 billion in USDC deposits, creating recurring revenue independent of trading activity. Grayscale reports that Hyperliquid generated $105 million in September, while trading fees declined to 64% of revenue as other income sources expanded. HIP-3, Builder Codes and institutional partnerships with ICE and Trade.xyz broaden Hyperliquid’s revenue opportunities and market reach. Hyperliquid generated $38 million from outsourced revenue streams last month, according to Grayscale’s October 30 research. A major contributor is Coinbase, which sends 90% of interest earned on approximately $6 billion in USDC deposits.