Hyperliquid's Q3 Revenue Rises to $190.9M on USDC Yield
Hyperliquid generated $190.9 million in third-quarter revenue, with USDC reserve income contributing nearly half of its sequential growth.
Hyperliquid generated $190.9 million in third-quarter revenue, with USDC reserve income contributing nearly half of its sequential growth. USDC (USDC) is trading at $0.9995. This is an original TLT brief synthesising 2 outlets (Blockonomi, TronWeekly), plus live market data, as of Sat, 14 Nov 2026 00:00:05 UTC.
The results show how reserve yield and equity-perpetuals activity supported Hyperliquid’s revenue and operating growth. They also highlight the scale of HYPE buybacks, although the fund bought fewer tokens than in the prior quarter.
- Hyperliquid reported $190.9M in Q3 revenue, up 21.7% quarter over quarter.
- USDC reserve yield contributed $17.3M, nearly half the sequential revenue increase.
- The Assistance Fund spent $148.7M on HYPE buybacks.
- HIP-3 equity-perpetuals volume reached $153.8B, representing 58.8% of quarterly volume.
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- Hyperliquid Expands Revenue Base While HYPE Burns Top 50 Million
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- Hyperliquid's Q3 Revenue Rises to $190.9M on USDC Yield — this brief
Hyperliquid generated $190.9 million in revenue during the third quarter, according to Blockonomi, representing a 21.7% increase from the preceding quarter. 
USDC reserve yield generated $17.3 million and accounted for nearly half of the quarter-over-quarter revenue increase.
The platform’s Assistance Fund spent $148.7 million buying back HYPE during the quarter. Blockonomi reported that the purchases involved 26.4% fewer tokens than in Q2, showing that higher spending did not translate into a proportionately larger number of repurchased tokens.
Equity-perpetuals activity was another major component of the reported results. HIP-3 recorded $153.8 billion in quarterly volume and represented 58.8% of Hyperliquid’s total volume for the period, according to Blockonomi.
Hyperliquid’s verified TVL stood at $1.77 billion, down 1.3% over seven days, according to DeFiLlama. HYPE traded at $72.33, gaining 1.81% over 24 hours but falling 7.25% over seven days, with a $17.2 billion market capitalization. USDC was priced at $0.999555 and was unchanged over both 24 hours and seven days. DeFiLlama also reported a $69.49 billion circulating USDC supply. The broader crypto market capitalization was $2.38 trillion amid a generally weak market: 
Bitcoin fell 4.28% over 24 hours, while the Fear & Greed index registered 20, or Extreme Fear. The next figures to watch include subsequent quarterly revenue, USDC reserve contributions, buyback activity and HIP-3 volume.
Since this brief published about 7 hours ago, USDC (USDC) has moved from $0.9996 to $0.9995 — -0.01%.
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 ≈ ₦1,408.04 (about $0.9995), down 0.0% over 24 hours. The naira itself trades about 4.3% 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 · November 13, 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's Q3 Revenue Rises to $190.9M on USDC Yield — questions & answers
How much revenue did Hyperliquid generate in Q3?
Blockonomi reported $190.9 million in quarterly revenue, up 21.7% from the previous quarter.
How much did USDC yield contribute?
USDC reserve yield generated $17.3 million, accounting for nearly half of the quarter-over-quarter revenue increase.
How much was spent on HYPE buybacks?
The Assistance Fund spent $148.7 million on HYPE buybacks, although it purchased 26.4% fewer tokens than in Q2.
How much is 1 USDC worth in naira today?
About ₦1,408.04 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9995. 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 Blockonomi, TronWeekly, with the key figures cross-checked for agreement across them. 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.