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Hyperliquid Makes Money in a Bear Market Without Anyone Trading, Grayscale Says
Grayscale shows Coinbase hands Hyperliquid 90% of the interest on $6B in USDC. Here is what the deal pays and who benefits.
Dextape brief
Grayscale research published October 30 says Coinbase passes 90% of the interest it earns on roughly $6 billion in customer deposits to Hyperliquid, the blockchain-based exchange for leveraged price bets. The payments arrive monthly regardless of trading activity. Grayscale credits that flow as one reason Hyperliquid earned about $105 million in September, nearly matching a year earlier despite a downturn. The arrangement began in May, when Coinbase became treasury partner for the USDC stablecoin on Hyperliquid. Coinbase keeps the remaining 10% and the deposits themselves. Trading fees were over 90% of Hyperliquid's revenue in mid-2025 but fell to 64% by September as outside firms listed new futures products. Grayscale also says 99% of fees go to a fund that buys back and burns HYPE. More US deposits would raise those payments.
Why it matters: It shows how a stablecoin partnership can supply a steady revenue stream for a trading platform regardless of market activity.
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Terms in this story
- Bear market
- A long stretch of falling prices and gloomy sentiment, commonly described as a drop of 20% or more from a recent high.
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