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Hyperliquid generated $38 million in revenue last month through an external partner-based outsourced revenue model, according to a Grayscale analysis.
Grayscale said major institutions using Hyperliquid appear to be increasing their participation. Intercontinental Exchange, the parent of the New York Stock Exchange, has recently been working with TradeXYZ to build a U.S. perpetual futures market based on Hyperliquid, Grayscale added.
Grayscale said notable examples of Hyperliquid’s outsourced revenue model include HIP-3, which allows third parties to launch perpetual futures markets tied to commodities, stocks and private company assets; builder codes, under which external platforms such as Phantom route orders to Hyperliquid and earn fees; reserve interest income, under which Coinbase pays Hyperliquid 90% of income generated from about $6 billion in USDC reserves; and fees from spot trading and token listing auctions.