# Hyperliquid Generated $105 Million in September 2026 Revenue

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/44828
Published: 2026-10-30T15:32:07.000Z
Updated: 2026-10-30T15:32:07.000Z
Section: Business

> 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.