$105 million in revenue: How Hyperliquid broke through with non-core businesses

According to Woofun AI, Hyperliquid achieved revenue of approximately US$105 million in September 2026. In the context of the cryptocurrency bear market, this figure was basically the same as US$108 million in the same period in 2025, and revenue remained relatively stable in a volatile market environment. Looking at the monthly sequence, it was about US$58 million in July, US$85 million in August, and rose to US$105 million in September, up about 24% month-on-month, the highest monthly increase in 2026; however, it is still about 15% lower than the historical peak of about US$123 million in August 2025.

The core driver of this stability is not traditional trading volume, but rather the structural transformation of the platform from a single decentralized exchange to a comprehensive financial infrastructure. With the decentralization of revenue sources, Hyperliquid's dependence on core transaction fees for self-developed cryptoasset perpetual contracts has declined drastically, indicating that its business model has entered a diversified and mature stage.

The revenue structure has been thoroughly disassembled, and the evolutionary trajectory of the business structure is clearly identifiable. In mid-2025, core transaction fees dominated more than 90% of total revenue, but now this ratio has fallen back to around 64%. According to data compiled by Woofun AI, the remaining 36% of revenue was strongly supported by multiple new business lines. Among them, non-core business revenue reached 38 million US dollars in September, doubling the year-on-year increase. Specifically, the deploying party's perpetual contract (HIP-3) allows a third party to list targets such as silver, crude oil, and pre-IPO shares. Only this type of deployment can share up to half of the transaction fees, and the rest is owned by the agreement.

The Builder code channel routes orders to Hyperliquid through exchanges such as Phantom Wallet, Hyperdash front-end, and VALR, making it the underlying liquidity layer for other platforms and charging channel fees. More importantly, USDC reserve earnings. On May 14, 2026, Coinbase (COIN.US) and Circle (CRCL.US) announced the revised AQAv2 arrangement: about $6 billion of USDC on the platform was recorded by Coinbase as an “in-platform” balance and obtained reserve income, and then about 90% of its cost-adjusted earnings were settled with Hyperliquid; the two companies also each pledged 500,000 HYPE to guarantee performance. The revenue was accumulated from August 26, October The first transaction of $14.58 million was received on the 3rd.

In addition, sectors such as spot trading of assets such as BTC, ETH, and HYPE, HyperEVM gas fees, priority handling fees, and new token code auctions contributed a total of about 5 million US dollars in September. Although the volume is still small, it is in a clear growth channel. Disaggregated according to this caliber, of the $38 million non-core revenue, USDC reserve revenue of about $15 million, Builder code channel about $11 million, HIP-3 deployer perpetual life of about $7 million, plus about $5 million in spot and auction, all four items confirm each other with $38 million.

From the perspective of cash flow stability, optimizing the revenue structure is of far-reaching significance. Reserve income is directly linked to capital stock and interest rates, rather than depending on volatile market trading volumes, thus forming a more stable cash flow base. Currently, about 36% of total revenue comes from third-party markets, traffic partners, interest on stablecoins, and spot transactions and auctions. This diversified pattern has significantly reduced the risk of the agreement's sole dependency on self-developed and launched cryptographic perpetual contract businesses, and has improved overall financial health.

Looking ahead, opening up business to US compliant traders is expected to be the next core growth engine. Kraken's parent company, Payward, announced on September 16 that it plans to have Bitnomial, its CFTC-regulated exchange and clearing agency, act as the HIP-3* deployment party and become the first HIP-3 market operator regulated by the CFTC; client accounts are hosted by registered futures broker NinjaTrader Clearing, and only accounts that are on the two whitelists at the same time can be traded. This version allows the deployer to limit the market to eligible users who have gone through KYC review.

Meanwhile, ICE (ICE.US), the parent company of the New York Stock Exchange, signed a final agreement on October 29 with Trade.xyz, the largest HIP-3 deployer. ICE will act as the sole operator of its regulated market and make a minority strategic investment to build a perpetual contract market for US retail investors based on Hyperliquid's underlying infrastructure; the market has yet to be approved by regulation and there is no schedule for launch.

This series of compliance layouts not only verified the institutional-level applicability of its underlying technology, but also laid a solid foundation for its large-scale expansion at the intersection of traditional finance and Web3.