Hyperliquid Earns Interest on $6B USDC Despite Bear Market Conditions
Grayscale reveals that Coinbase pays Hyperliquid 90% of interest on $6 billion USDC deposits.
Grayscale reveals that Coinbase pays Hyperliquid 90% of interest on $6 billion USDC deposits. USDC (USDC) is trading at $0.9998. This is an original TLT brief based on reporting by BeInCrypto, with live market data added, as of Sat, 31 Oct 2026 01:15:02 UTC.
This arrangement highlights a unique revenue model where Hyperliquid generates substantial income from stablecoin deposits even without active trading, showcasing an alternative path to profitability in a bear market.
- Hyperliquid receives 90% of interest on $6B USDC from Coinbase.
- USDC market cap stands at $71.65B with minimal price movement.
- Hyperliquid's TVL is $1.95B, up 13.1% in the past week.
- Hyperliquid Emerges as Top Bullish Crypto Pick Despite Market Volatility
- Hyperliquid Maintains Perps Market Lead Despite HYPE Token Decline
- New Wallet Invests $4M USDC in Hyperliquid, Takes Long Position on Monero
- Hyperliquid Earns Interest on $6B USDC Despite Bear Market Conditions — this brief
- Hyperliquid and Canton Forecast to Decline Despite Recent Growth
Grayscale has revealed that 
Hyperliquid earns a substantial portion of its revenue from interest on $6 billion in 
USDC deposits held by Coinbase. According to the report, Hyperliquid receives 90% of the interest generated from these deposits, providing a steady income stream despite the current bear market conditions.
This arrangement underscores the growing role of stablecoins in generating revenue for crypto platforms. With USDC's circulating supply at $71.83 billion, as verified by DeFiLlama, the scale of such arrangements can be significant. Hyperliquid's Total Value Locked (TVL) has also seen a 13.1% increase over the past week, reaching $1.95 billion, according to DeFiLlama.
The news comes as the overall crypto market remains relatively flat, with a total market cap of $2.67 trillion. 
Bitcoin has experienced a slight 0.81% decline in the past 24 hours, while the Fear & Greed Index stands at 30, indicating a sentiment of fear in the market. In contrast, Hyperliquid's native token, HYPE, has performed well, with a 0.74% increase in the past day and a 17.51% rise over the week.
The arrangement between Coinbase and Hyperliquid demonstrates how platforms can leverage stablecoin deposits to generate income, even when trading volumes are low. This model could become increasingly attractive to other crypto platforms looking for alternative revenue streams.
Since this brief published about 3 hours ago, USDC (USDC) has moved from $0.9998 to $0.9998 — -0.00%.
The chart plots USDC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDC ≈ ₦1,376.49 (about $0.9998), up 0.1% over 24 hours. The naira itself trades about 2.3% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 31, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Hyperliquid Earns Interest on $6B USDC Despite Bear Market C — questions & answers
How much USDC does Hyperliquid hold?
Hyperliquid holds $6 billion in USDC deposits from Coinbase.
What percentage of the interest does Hyperliquid receive?
Hyperliquid receives 90% of the interest on the $6 billion USDC deposits.
How has Hyperliquid's TVL changed recently?
Hyperliquid's TVL increased by 13.1% over the past week to $1.95 billion.
How much is 1 USDC worth in naira today?
About ₦1,376.49 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9998. The naira price moves with both USDC's US-dollar price and the USDT/NGN rate; use our USDC in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from BeInCrypto. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.