Grayscale released a report on October 30, 2026, stating that Hyperliquid generated approximately $105 million in revenue in September 2026, roughly flat compared to the same period last year. The report noted that core trading fees (perpetual contracts listed by the Hyperliquid team) accounted for approximately 64% of revenue, down from over 90% in mid-2025, with the remainder coming from new sources such as third-party marketplaces, distribution partners, and USDC reserve earnings. Non-core revenue reached $38 million in September, more than doubling year-over-year. Grayscale believes that regulated access in the US could be the next growth driver; for example, Kraken's parent company, Payward, plans to become the first CFTC-regulated HIP-3 deployer, and ICE has partnered with Tradexyz to build a regulated perpetual marketplace in the US. https://www.(wublock123.com)/news/grayscale-report-hyperliquid-september-revenue-105m-non-core-64percent-71041