Add as a preferred source on GoogleHyperliquid Generated $105 Million in September 2026 Revenue
Core perpetuals fees made up about 64% of revenue, while income from other sources doubled year over year to $38 million.
Hyperliquid generated about $105 million in revenue in September 2026, roughly unchanged from a year earlier, as income from sources beyond its core perpetuals fees reached $38 million.
Fees tied to perpetual contracts listed by Hyperliquid's team made up about 64% of September revenue. That share was down from more than 90% in mid-2025, marking a shift in the protocol's revenue mix even as the overall monthly total remained steady year over year.
Revenue from non-core sources doubled from September 2025. These sources include third-party markets, distribution partners and yield from USDC reserves. Together, they contributed $38 million in September.
Access to U.S.-regulated markets is a potential growth lever for Hyperliquid. Payward, Kraken's parent, plans to offer U.S. onchain perpetuals through HIP-3, with its Bitnomial exchange serving as the deployer. The proposed markets are subject to regulatory approval.
Intercontinental Exchange has an agreement with Trade[XYZ] to build Hyperliquid-based perpetual markets onshore.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.