Hyperliquid generated $105M in September 2026 revenue with diversifying income streams as core trading fees declined to 64% of total.
DeFi & Yields ·
Hyperliquid recorded approximately $105 million in revenue during September 2026, remaining essentially flat compared to the same month a year earlier, according to a Grayscale report from October 30. The platform's revenue composition has shifted notably: core trading fees now represent 64% of total income, down from above 90% in mid-2025, while non-core revenue sources—including third-party markets, distribution partners, and USDC reserve yield—have expanded to $38 million, doubling year-over-year.
The diversification reflects broader structural changes in how the platform generates income. Trading fees remain the largest contributor but no longer dominate the revenue mix. Supplementary streams from partnerships and yield mechanisms have grown sufficiently to double non-core revenue in twelve months, suggesting that ancillary business lines are gaining traction alongside core exchange activity.
Grayscale flagged regulated U.S. market access as a likely expansion avenue. The analysis cited Payward, parent of Kraken, pursuing CFTC-regulated HIP-3 deployer status, and Intercontinental Exchange partnering with Trade[XYZ] to launch U.S.-regulated perpetual futures on the platform. Whether these regulatory initiatives will materially shift revenue trajectories remains to be seen.