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      Hyperliquid Reports First Reserve Income of $14.58 Million

      Hyperliquid, a trading platform, has announced its first reserve income of $14.58 million in USDC, marking a significant milestone for its AQAv2 revenue mechanism. This payment, which covers the period from August 26 to September 24, is part of a new treasury wallet system that allows the platform to generate revenue from margin deposits, independent of trading activity. The annualized revenue from this mechanism is estimated to reach approximately $193 million at the current scale.

      The AQAv2 mechanism operates by allowing users to bridge USDC to Hyperliquid, after which Circle mints corresponding assets on HyperEVM and charges a daily fee on the treasury balance, settling every 30 days. Notably, both Coinbase and Circle have staked 500,000 HYPE tokens each, with penalties for late payments that could affect Coinbase's staked amount.

      Hyperliquid's revenue previously relied primarily on trading fees, but the introduction of AQAv2 diversifies its income sources. From January 1 to September 30 of this year, the platform saw its open contracts increase from $7.72 billion to $16.4 billion, while margin levels rose from $4.34 billion to $7.22 billion. The cumulative trading volume for perpetual contracts during this period reached approximately $2 trillion, generating $493.3 million in fees, equating to about 2.46 basis points per dollar of trading volume. Looking ahead, if the stablecoin scale grows by 20% annually and Hyperliquid maintains its market share, projected annual revenue could increase significantly by 2030.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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