Hyperliquid books first $14.58 million in USDC reserve revenue under AQAv2

News Editor

2026-10-04 03:43:01

Hyperliquid has recorded its first payment tied to USDC reserves under its AQAv2 mechanism, according to a post by Hyperdash co-founder Hans. On Oct. 3, the AQAv2 treasury wallet received $14.58 million for the platform’s USDC reserves held over the previous 30 days, with the proceeds set to flow into the assistance fund for HYPE purchases. Hans said the structure creates a new revenue stream beyond trading fees, allowing the platform to earn from margin deposits themselves whether or not the funds are actively used in trading. Under the setup, users bridge USDC to Hyperliquid, Circle mints the corresponding asset on HyperEVM, and the treasury balance is charged daily and settled every 30 days. Coinbase and Circle have each staked 500,000 HYPE, while a missed payment could cost Coinbase 2% of its staked amount per day. The first payment covered Aug. 26 to Sept. 24, implying an average rate of about 3.14% and annualized revenue of roughly $193 million at the current scale. Hans also said Hyperliquid’s open interest rose from $7.72 billion to $16.4 billion between Jan. 1 and Sept. 30, while platform margin increased from $4.34 billion to $7.22 billion.

Hyperliquid has started generating a new stream of revenue through its AQAv2 mechanism, according to a post cited by BlockBeats from Hyperdash co-founder Hans.

Hans said the AQAv2 treasury wallet made its first payment on Oct. 3, paying $14.58 million tied to the trading platform’s USDC reserves held over the prior 30 days. The funds will go into the assistance fund and be used to buy HYPE.

Under the mechanism, after users bridge USDC to Hyperliquid, Circle mints the corresponding asset on HyperEVM. The treasury balance is then charged daily and settled 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.

Hans said Hyperliquid’s revenue had previously come mainly from trading fees. AQAv2 adds another source by letting the platform earn from margin deposits themselves, regardless of whether those funds are used in trades.

The first payment covered the period from Aug. 26 to Sept. 24. Hans said that implies an average rate of about 3.14%, which would translate into roughly $193 million in annualized revenue at the current scale.

He also shared several operating metrics for this year. From Jan. 1 to Sept. 30, Hyperliquid’s 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 traded.

Using this year’s average trading velocity and the current AQAv2 rate, each $1 of margin would contribute about $0.154 in annual revenue to the protocol, Hans said. Of that amount, around $0.125 comes from trading fees and about $0.028 comes from AQAv2.

Hans added that under a base-case scenario in which stablecoin supply grows 20% a year 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.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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