Hyperliquid Earns 90% of USDC Deposit Interest from Coinbase Partnership
Current overview (not historical)
Hyperliquid has reportedly begun earning 90% of the interest generated on its USDC deposits from Coinbase, according to a statement by Grayscale. The arrangement, which started in May 2026, designates Coinbase as Hyperliquid’s custodial partner for USDC. Under the terms, Coinbase remits 90% of the interest accrued on customer deposits to Hyperliquid, while retaining the remaining 10% and the principal deposits themselves. This setup allows Hyperliquid to generate significant revenue from idle USDC balances, even when users are not actively trading. Grayscale’s claim highlights a growing trend of decentralized finance platforms monetizing custodial relationships, though it has not been independently verified by other sources. The partnership underscores the importance of custodial arrangements in the broader DeFi ecosystem and raises questions about how such revenue models may impact user incentives and platform sustainability.
Written with AI from the reporting · updated 10/30/2026
Expand the detailed fact route and sources
Story route
A station-by-station route from the first public evidence onward; every station carries its own evidence and uncertainty.
- 1Unclassified fact stationOct 30, 00:00recorded Oct 31, 06:20single source
Hyperliquid获取CoinbaseUSDC存款利息
Read original source ↗ BeInCryptoReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- hyperliquid
- Action：
- 获取利息
- Object：
- Coinbase USDC存款
- Occurred (fact side)：
- Oct 30, 00:00
- Published (valid side)：
- Oct 31, 06:00
- First seen (known side)：
- Oct 31, 06:20
Fact stationSingle source · one-sided claimCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
Uncertainty marks flag where to check the sources; they are not proven causation.
Report timeline
Explore every side through dated source reports.
- BeInCryptoRelated fact: single sourceHyperliquid Earns $105 M in September from USDC Interest, Not Trading
Report first recorded Oct 31, 06:20
Grayscale research shows that Hyperliquid, the blockchain‑based leveraged‑bet exchange, earned about $105 million in September 2026, roughly the same as a year earlier, despite a broader crypto downturn. The income comes from a 90 % share of the interest generated on roughly $6 billion of customer deposits in the stablecoin USDC, which Coinbase holds as its treasury partner since May 2026. The interest is earned by investing the deposits in U.S. Treasury bills, providing a steady cash flow that does not depend on trading activity. Coinbase retains the remaining 10 % of the interest and the deposits themselves. The arrangement also makes USDC Hyperliquid’s primary trading currency, replacing the rival stablecoin USDH, and has attracted institutional partners and additional revenue streams such as futures on silver, oil, and pre‑IPO shares. Reason: The deal shows how stablecoin treasury partnerships can generate reliable revenue for crypto platforms even in bear markets, highlighting a new model for income diversification that matters to investors and regulators watching the intersection of traditional finance and digital assets.
Read original source ↗
Event activity trend
- Latest comparable
- 3
- Comparable peak
- 10Oct 31, 07:00
- 24h change
- -49%
The chart compares consistently observed participants only. Hover or tap to inspect each hour; use arrow keys to move between observations.
Event discussion
Reader opinions are hosted on GitHub Discussions; posting requires a GitHub account. Comments are not verified facts.