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Magyar30 Oct 2026
Grayscale research says Coinbase passes 90% of the interest on about $6 billion of USDC deposits to Hyperliquid. That steady yield helped Hyperliquid earn about $105 million in September despite the crypto downturn.
Hyperliquid revenue is holding up in a falling crypto market for a reason that has little to do with trading. According to Grayscale research published on Friday, October 30, 2026, Coinbase passes 90% of the interest earned on roughly $6 billion of USDC deposits on Hyperliquid to the exchange, giving it a steady income stream that arrives whether or not anyone opens a position.
That income is one reason Hyperliquid booked about $105 million in revenue in September, close to its level a year earlier, even as most crypto prices and volumes slumped.
How the Coinbase USDC deal works
The arrangement started in May, when Coinbase became the treasury partner for USDC on Hyperliquid. Stablecoin reserves sit mostly in US Treasury bills, so the yield is real cash. Grayscale describes it as Hyperliquid’s most stable revenue line because it does not depend on volume. Coinbase keeps the remaining 10% and custody of the deposits, and USDC replaced the rival USDH as the main trading currency on the venue, as BeInCrypto reported. Grayscale’s note does not put a value on what Coinbase gains in return.
Analysts flagged the cost months ago. In July, JPMorgan trimmed its estimates for Circle and Coinbase, citing pressure on USDC economics from the Hyperliquid deal.
Trading fees are a shrinking share
Grayscale says Hyperliquid’s own crypto trading fees made up more than 90% of revenue in mid-2025 but only 64% by September. In a post on X, Grayscale said the “outsourced revenue model hit $38M last month”, driven by third-party deployers that list perpetual futures on assets such as silver, oil and pre-IPO shares and keep up to half of the fees. Grayscale’s earlier research says about 99% of fees flow to a fund that buys back and burns HYPE.
The US angle is growing too. This week ICE, owner of the New York Stock Exchange, agreed to work with trade(xyz) on US perpetual futures built on Hyperliquid, which we covered in our report on ICE bringing Hyperliquid perps to US traders. More US deposits would mean a larger interest cheque.
Disclosure worth noting: Grayscale sells the Grayscale Hyperliquid Staking ETF (HYPG) and says it may hold the assets it covers.
What it means for traders
- Yield-based revenue makes Hyperliquid less dependent on volume, which matters in a weekend market with thin liquidity and post-hack nerves.
- The figures come from an issuer with a HYPE product, so treat them as a bullish-leaning source and check on-chain data yourself.
- Comparing perpetual futures venues? See our crypto exchange comparison, the BingX review (number 1) and OKX review (number 2), or start with where to buy your first Bitcoin.
This is not financial advice.
Sources
- BeInCrypto: Hyperliquid Makes Money in a Bear Market Without Anyone Trading, Grayscale Says
- Grayscale on X: Hyperliquid outsourced revenue model hit $38M last month
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Related reviews
Sources
- BeInCrypto: Hyperliquid Makes Money in a Bear Market Without Anyone Trading, Grayscale Says
- Grayscale on X: Hyperliquid outsourced revenue model hit $38M last month
News is for information only and is not financial advice. More crypto news
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