Grayscale Report: Hyperliquid's September Revenue Reaches $105 Million, Non-Core Revenue Doubles Year-Over-Year to $38 Million. According to a Grayscale report on October 30, Hyperliquid achieved approximately $105 million in revenue in September 2026, roughly flat compared to the same period last year. Core trading fees as a percentage of total revenue decreased from over 90% in mid-2025 to approximately 64%, due to increased revenue from third-party marketplaces, distribution partners, and USDC reserve yields. Non-core revenue doubled year-over-year to $38 million. Grayscale noted that regulated U.S. market access is a potential growth driver, mentioning Kraken's parent company Payward's plan to become the first CFTC-regulated HIP-3 deployer, and ICE's collaboration with Trade[XYZ] to develop a U.S.-regulated perpetual futures market based on Hyperliquid.