Key Insights:
- Hyperliquid crypto posted $38M in outsourced revenue, about 36% of September fees.
- September fees reached $105M, up 24% from August and the highest level in 2026.
- ICE partnered with Trade[XYZ] to develop U.S. perpetual futures on Hyperliquid.
Hyperliquid crypto generated $38 million in outsourced revenue during September 2026, according to a Grayscale report. The figure accompanied news of ICE’s partnership with Trade[XYZ] to develop perpetual futures on Hyperliquid.
The September fees, based on Hyperliquid crypto, totaled approximately $105 million, according to a chart citing Artemis and Grayscale Investments. Activity outside the core trading area accounted for about 36% of that monthly total.
Hyperliquid Crypto Fees Reach Their Highest Level of 2026
Fees reached $105 million in September 2026, up from approximately $85 million in August. This marked a surge of roughly 24% month-over-month.
However, this fees revenue was about $18 million below the August 2025 peak of about $123 million. Core trading fees totaled about $67 million, accounting for about 64% of September’s fees.
The USDC reserve yield yielded around $15 million, while builder code fees added roughly $11 million. HIP-3 deployer perpetual fees totaled about $7 million, with spot fees and other onchain charges accounting for the remainder.
Hyperliquid crypto fees stood at $58 million in July 2026 before surging through August and September. The $38 million represented one portion of the chart’s $105 million total. Grayscale described that portion as outsourced revenue in its post. September’s fees exceeded July’s approximate total by $47 million.
Inside the Four Streams Behind Grayscale’s $38 Million Figure
The Hyperliquid crypto surge aligned with an earlier report where ICE, the New York Stock Exchange’s parent company, partnered with Trade[XYZ] to develop perpetual futures on Hyperliquid.
Grayscale said the partnership would build those products in the United States. Its post listed four outsourced revenue streams supporting the platform’s model.
Through HIP-3, third parties list perpetual futures linked to commodities, equities, and pre-IPO assets. Builder codes provide another source of fees through orders routed to Hyperliquid.
Grayscale named Phantom, Hypurrdash, and Fomo among the participants using those codes. Those participants receive fees for routing orders to the platform.
Meanwhile, Grayscale said Coinbase passes 90% of reserve income from $6 billion in USDC deposits to Hyperliquid. The chart recorded approximately $15 million from USDC reserve yield during September.
Hyperliquid Crypto Price Slips by 4% as Grayscale Outlines HYPG Terms
HYPE price stood at $91.90 at the time of writing, recording a decline of 4.31% over the past 24 hours. Over the same period, the reported volume totaled $2,719,738,161.
CoinMarketCap ranked Hyperliquid ninth, with a market capitalization of $23,298,347,328. Its circulating supply reached 253,531,519 HYPE against a maximum supply of 950,422,105 tokens.
Grayscale also referenced HYPG, its product offering exposure to the Hyperliquid crypto token, HYPE. The company said purchasing HYPG does not constitute a direct purchase of HYPE.
Its disclosure described HYPG as an exchange-traded product. It also warned of high risk and volatility, including the possibility of losing the entire amount committed.
Grayscale said HYPG lacks registration under the Investment Company Act of 1940. Consequently, it lacks the same regulations and protections applied to ETFs and mutual funds registered under that law.
Its notice also said HYPG is unsuitable for anyone who cannot afford to lose their entire commitment. Grayscale provided links to the product page and prospectus alongside its Hyperliquid revenue post.
Note: This news is for informational purposes only, not financial advice. Cryptocurrencies are volatile digital assets. So, consult a qualified financial professional before making investment decisions.
