Hyperliquid generated roughly $105M in September fees, up 80% from July’s ~$58M. The changing revenue mix is what I found worth investigating further. Core trading still dominates, but HIP-3 deployer fees, builder fees and USDC reserve yield are contributing more. Hyperliquid is developing revenue streams beyond its core perpetuals exchange, potentially reducing its dependence on trading cycles. But if volumes fall again, will these newer fee sources be enough to cushion the slowdown?
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