Approximately $193 million annualized, Hyperliquid receives first $14.58 million USDC reserve revenue

2026-10-04 11:43 (UTC+8)

Odaily reports: According to monitoring by Hans, co-founder of Hyperdash, Hyperliquid's AQAv2 mechanism has created a new revenue stream. On October 3, the AQAv2 treasury wallet completed its first payment, paying $14.58 million for the USDC reserves held by the trading platform over the past 30 days. The funds will go into the assistance fund to buy HYPE.

Under this mechanism, after users bridge USDC to Hyperliquid, Circle mints the corresponding assets on HyperEVM and bills the treasury balance daily, settling every 30 days. Coinbase and Circle each stake 500,000 HYPE; if payment is not made on time, Coinbase could lose 2% of its staked amount per day.

Hans stated that Hyperliquid's revenue previously came mainly from trading fees, and AQAv2 enables the platform to earn revenue from margin deposits, regardless of whether the related funds participate in trading. The first payment covers August 26 to September 24, implying an average fee rate of about 3.14%, with annualized revenue estimated at approximately $193 million at the current scale.

From January 1 to September 30 this year, Hyperliquid's open interest increased from $7.72 billion to $16.4 billion, and platform margin increased from $4.34 billion to $7.22 billion; during the same period, perpetual contract cumulative trading volume was about $2 trillion, and the protocol earned $493.3 million in fees, equivalent to charging about 2.46 basis points per dollar of trading volume. Based on this year's average trading pace and the current AQAv2 fee rate, every $1 of margin can contribute about 15.4 cents in annual revenue to the protocol, of which about 12.5 cents comes from trading fees and about 2.8 cents comes from AQAv2. Hans expects that under a baseline scenario where the stablecoin market grows 20% annually and Hyperliquid maintains its current market share of about 8.7%, the protocol's annual revenue could increase from about $1.11 billion currently to $2.4 billion by the end of 2030.