Hyperliquid Hits $105M in September Revenue as Non-Core Income Reaches $38M | Tilt

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StoryCryptoOct 30

Hyperliquid Hits $105M in September Revenue as Non-Core Income Reaches $38M

The crypto derivatives platform’s non-core income, which includes yield from reserves and third-party markets, reached $38 million in September, doubling its figure from the previous year. This diversified revenue contributed to a total monthly revenue of approximately $105 million, which was roughly flat year-over-year, a report from Grayscale found.

Hyperliquid is reducing its dependence on core trading fees, which accounted for about 64% of revenue in September compared to over 90% in mid-2025. The company is seeking regulated U.S. market access through a partnership with ICE and Trade[XYZ] to develop perpetual futures, and the parent company of Kraken, Payward, intends to become the first CFTC-regulated deployer for the platform’s HIP-3 framework. Additionally, Coinbase passes 90% of the reserve income from $6B in deposits to Hyperliquid.

How it could play out

+0.1%

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

How it could play out

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S&P 500

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Possible futures, not reported news · chances and moves from Tilt’s model

From todayHyperliquid Hits $105M in September Revenue as Non-Core Income Reaches $38M

+0.1%
Revenue Momentum Extends
The most likely path is that September’s $105M revenue print proves repeatable, helped by new perpetual markets, HYPE visibility after Binance’s listing, and more third-party activity on HyperEVM. Non-core income remains material but does not dominate the story, keeping investor focus on trading-fee durability.
Finance +0.4% · Technology +0.2%
+0.2%
Ecosystem Expansion Accelerates
The revenue headline becomes a proof point for external builders and exchanges integrating Hyperliquid infrastructure. Payward’s US perpetuals plan, PaperTrade’s HyperEVM products, and Binance’s HYPE listing reinforce a broader distribution loop around Hyperliquid liquidity.
Finance +0.4% · Technology +0.4%
−0.2%
Regulatory Scrutiny Builds
Hyperliquid’s scale in perpetual futures draws closer attention from US and offshore regulators, especially after Payward’s US perps plans and the platform’s growing non-core income. The base case is inquiry and compliance pressure rather than an immediate enforcement action.
Finance −0.5% · Technology −0.3%
−0.1%
Revenue Quality Disappoints
A less favorable path is that September’s revenue looks inflated by non-core income and temporary activity around HYPE listing momentum. If trading revenue fails to keep pace, investors reassess buyback durability and the valuation premium of Hyperliquid-linked vehicles.
Finance −0.3% · Technology −0.1%

Each figure is the modeled move of the S&P 500 if it happens. For information only. Not investment advice.

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