Hyperliquid generated $38 million from outsourced revenue streams last month, according to research published by asset manager Grayscale on October 30. A major contributor is Coinbase, which sends Hyperliquid 90% of the interest earned on approximately $6 billion in USDC deposits, creating a recurring revenue stream that does not depend on trading activity. In a parallel development, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade.xyz on U.S. perpetual futures.

Grayscale shared the findings through its official X account, noting that the platform's revenue mix has shifted as non-trading income sources have expanded.

Coinbase Deal Adds Recurring Income

Coinbase became Hyperliquid's USDC treasury partner in May, allowing the exchange to receive most of the interest generated by the stablecoin reserves. Grayscale identifies this arrangement as a steady revenue source because the payments do not depend on trading activity.

Coinbase retains the remaining 10% of the interest and maintains control of the deposits. USDC, a U.S. dollar-backed stablecoin, has since become Hyperliquid's main trading currency, replacing USDH, a rival stablecoin designed to keep reserve income within the ecosystem.

Hyperliquid generated approximately $105 million in September, nearly matching its earnings from the previous year despite weaker crypto market conditions. Its revenue mix has also changed. Trading fees accounted for more than 90% of revenue in mid-2025 but fell to 64% by September as other income sources expanded.

Third Parties Expand Hyperliquid's Revenue Sources

Grayscale identifies several additional income streams beyond trading fees. Under HIP-3, third-party deployers can list perpetual futures tied to commodities, equities and pre-IPO assets, and these operators can retain up to half of the fees generated.

Builder codes provide another source of income. Platforms including Phantom, Hyperdash and Fomo route orders through Hyperliquid and earn fees in the process. The network also collects income from spot trading and token-listing auctions. Coinbase additionally passes along reserve income generated from the roughly $6 billion in USDC deposits. Grayscale reported that these outsourced sources reached $38 million last month.

Institutional Partnerships Bring More Attention

ICE has partnered with Trade.xyz to develop U.S. perpetual futures on Hyperliquid. Perpetual futures — derivative contracts without an expiry date and widely traded across crypto markets — are the product at the center of this U.S. push. Kraken's parent company has also moved to bring the platform to American traders. Together, these institutional moves have drawn additional attention to the platform from U.S. market participants.

Grayscale's research also notes that 99% of Hyperliquid's fees go to a fund that buys and burns HYPE, the platform's native token. Because that fund draws on fees generated across the platform, shifts in how Hyperliquid earns — trading versus non-trading — feed directly into the buy-and-burn mechanism, making the composition of its monthly revenue a recurring figure to watch as new income streams and U.S. partnerships take shape. Grayscale itself offers the Grayscale Hyperliquid Staking ETF (HYPG) and discloses potential holdings of covered assets.