ChainCatcher reported that Hyperdash co-founder Hans said in a post that Hyperliquid’s AQAv2 mechanism has created a new revenue stream.
The AQAv2 treasury wallet has completed its first payment, paying $14.58 million for the USDC reserves held by the trading platform over the past 30 days. The funds will go to an assistance fund used to buy HYPE.
How AQAv2 settles
Under the mechanism, after users bridge USDC to Hyperliquid, Circle mints the corresponding assets on HyperEVM, charges the treasury balance on a daily basis, and settles once every 30 days. Coinbase and Circle have each staked 500,000 HYPE. If payment is not made on time, Coinbase could lose 2% of its staked amount per day.
A shift in revenue mix
Hans said Hyperliquid’s revenue had previously come mainly from trading fees. AQAv2 now allows the platform to earn revenue from margin deposits themselves, regardless of whether those funds are used in trading.
The first payment covered the period from Aug. 26 to Sept. 24, implying an average rate of about 3.14%. At the current scale, that points to annualized revenue of about $193 million.
Platform metrics and estimates
From Jan. 1 to Sept. 30 this year, Hyperliquid open interest rose from $7.72 billion to $16.4 billion, while platform margin increased from $4.34 billion to $7.22 billion. Over the same period, cumulative perpetual futures volume reached about $2 trillion, and the protocol collected $493.3 million in fees, equal to about 2.46 basis points per dollar of trading volume.
Based on this year’s average trading velocity and the current AQAv2 rate, each $1 of margin could contribute about $0.154 in annual revenue to the protocol, including about $0.125 from trading fees and about $0.028 from AQAv2.
Hans said that under a base-case scenario in which stablecoin supply grows 20% annually and Hyperliquid maintains its current market share of about 8.7%, annual protocol revenue could rise from about $1.11 billion now to $2.4 billion by the end of 2030.