Grayscale: Hyperliquid Generates $105M in September Revenue as Income Sources Diversify According to an October 30 report by Grayscale, Hyperliquid generated approximately $105 million in revenue in September 2026, roughly flat year-over-year.
Core trading fees accounted for about 64% of revenue, down from over 90% in mid-2025, as income from third-party markets, distribution partners, and USDC reserve yield expanded
Non-core revenue doubled year-over-year to $38 million. Grayscale identified regulated U.S. market access as a potential growth driver, citing Kraken parent Payward’s plans to become the first CFTC-regulated HIP-3 deployer and ICE’s partnership with Trade[XYZ] to develop U.S.-regulated perpetual futures markets on Hyperliquid. — link