Originally reported by ChainCatcher on November 12, 2026, at 18:57 (UTC+8). Hyperliquid Research Collective’s third-quarter 2026 report, written by Four Pillars and GLC Research, put protocol revenue at $190.9 million, up 21.7% from the second quarter.
What drove the increase
Hyperliquid began receiving a share of USDC reserve earnings on August 27. The report attributed $17.3 million of revenue to that source in just over a month—approximately half of the quarter’s revenue increase. That makes the reserve-earnings arrangement an important input when assessing how much of the reported growth came from trading activity.
The report recorded an average of 65,161 daily Hyperliquid traders, a quarterly record. On HIP-3, stock trading volume exceeded commodity trading volume. These activity measures are distinct from protocol revenue and, on their own, do not establish value accruing to HYPE holders.
HYPE purchases and a pending proposal
The Assistance Fund spent $149 million buying HYPE during the third quarter. In the report’s foreword, Syncracy Capital’s Sunny Shi advocated buybacks and predicted that independent teams building on Hyperliquid would drive further growth. Those are Shi’s views, not measured outcomes.
On August 19, President Donald Trump told technology and crypto executives at the White House that the US Commodity Futures Trading Commission was working to bring Hyperliquid to the US. Less than a month later, Kraken’s parent company proposed a US derivatives venue on Hyperliquid, with Bitnomial as operator. The proposal was still awaiting regulatory approval at quarter-end; it was not an operating venue established by an enacted rule.