Hyperliquid’s outsourced revenue model hit $38M last month and attracted major institutional partners. ICE, parent of the @NYSE, is now partnering with @tradexyz to build perpetual futures on Hyperliquid in the US. Outsourced revenue streams: 1. Deployer Perps (HIP-3): Third parties list perpetual futures on commodities, equities, and pre-IPO assets. 2. Builder Codes: @phantom, @hypurrdash, @fomo, and others route orders to Hyperliquid and earn fees. 3. USDC Reserve Yield: @coinbase passes 90% of reserve income from $6B in deposits to Hyperliquid. 4. Auctions: Fees from spot trading and token listing auctions. Interested in HYPE? Grayscale Hyperliquid Staking ETF HYPG offers exposure to HYPE. Learn more here: https://etfs.grayscale.com/hypg