Grayscale said Hyperliquid, which generated approximately $105 million in revenue in September, has diversified its revenue sources, and pointed to access to regulated markets in the U.S. as a potential growth opportunity.
According to a Grayscale report dated October 30, cited by Wu Blockchain, Hyperliquid’s September 2026 revenue was largely flat compared with the same month last year. But behind the overall figure was a significant shift: the share of revenue the platform generated from core trading fees declined, while other sources grew.
Total revenue flat, other sources double
Core trading fees accounted for approximately 64 percent of September revenue. That figure was above 90 percent in mid-2025. Third-party markets, distribution partners, and yield from USDC reserves began to account for a larger share of the revenue mix.
Total revenue from these other items doubled year over year to $38 million. As a result, Hyperliquid spread its revenue across more sources, even though its total revenue did not post a significant annual increase.
Why is Grayscale focusing on the U.S. market?
The report highlighted access to regulated markets in the U.S. as the next growth opportunity. Payward, Kraken’s parent company, plans to become the first CFTC-regulated HIP-3 deployer.
In addition, ICE and Trade[XYZ] partnered to develop U.S.-regulated perpetual futures markets on Hyperliquid. Grayscale considers these initiatives among the steps that support the platform’s potential to reach new markets.
September’s data showed a diversification of revenue sources, while these plans targeting the U.S. market represent a possible next leg of growth.
Not investment advice.