Hyperliquid Makes Money in a Bear Market Without Anyone Trading, Grayscale Says
Grayscale research says Hyperliquid earned about $105 million in September, close to the prior year despite a crypto downturn. Much of that steady income comes from Coinbase passing 90% of interest on roughly $6 billion in USDC deposits to Hyperliquid. Because the income does not depend on trading volume, traders may see it as a durable revenue base for the exchange.