Hyperliquid’s Revenue Shift: The Grayscale Breakdown

Hyperliquid’s revenue held relatively steady even as its dependence on core cryptocurrency derivatives declined. HIP-3 markets and third-party distribution are expanding the protocol’s business beyond its own trading interface. Stablecoin income offers another earnings source, while HYPE’s investment case depends on how much value reaches the token. Hyperliquid is changing how it makes money, with new revenue sources gaining importance even as cryptocurrency trading conditions remain challenging. In an October 30 research report , Grayscale Head of Research Zach Pandl examined the decentralized exchange’s growing exposure to third-party derivatives markets, external trading applications and stablecoin reserve income.