Coinbase pays Hyperliquid 90% of the interest earned on roughly $6 billion of customer deposits, according to Grayscale research published on October 30. The payment arrives every month whether anyone trades on the platform or not.
That income is one reason Hyperliquid, a blockchain-based exchange for leveraged bets on prices, generated about $105 million in September, almost the same as a year earlier despite a crypto downturn.
How the Coinbase arrangement works
The arrangement dates to May, when Coinbase became the treasury partner for USDC, a dollar stablecoin, on Hyperliquid. Grayscale's figures now show the scale of the revenue sharing that followed.
Stablecoin deposits are invested in US Treasury bills, so the interest paid out is real cash. Grayscale describes it as Hyperliquid's steadiest income because it does not depend on trading activity.
Coinbase received something in return. USDC became Hyperliquid's main trading currency, displacing USDH, a rival stablecoin built to keep that interest inside Hyperliquid. Coinbase keeps the remaining 10% of the interest along with the deposits themselves.
Wall Street had already priced in the cost
In July, Mizuho and JPMorgan turned bearish on Circle, USDC's issuer, and JPMorgan cut its Coinbase estimates, citing pressure on USDC economics following the Hyperliquid partnership.
Trading fees now make up a smaller share
In mid-2025, Hyperliquid's own crypto trading fees accounted for more than 90% of revenue, according to Grayscale. By September, that figure was 64%.
Outside firms now list futures on silver, oil, and pre-IPO shares on the platform, keeping up to half the fees. Grayscale said Hyperliquid's outsourced revenue model reached $38 million last month and attracted major institutional partners.
- ICE, the parent of the New York Stock Exchange, is partnering with tradexyz to build perpetual futures on Hyperliquid in the US.
- Deployer perpetuals, or HIP-3, are among the outsourced revenue streams cited by Grayscale.
Where the cash ends up
An earlier Grayscale report said 99% of Hyperliquid's fees go to a fund that buys and burns its HYPE token, similar to a stock buyback. Coinbase's interest payments feed that fund.
This week, the owner of the New York Stock Exchange and Kraken's parent both moved to bring Hyperliquid to US traders, a push that coincided with HYPE rallying on Wednesday.
More US deposits would mean a larger interest payment. Grayscale's note does not put a value on Coinbase's side of the trade.
Disclosure: Grayscale sells the Grayscale Hyperliquid Staking ETF (HYPG) and states that it may hold the assets it covers.
