Hyperliquid receives its first US$14.58 million in USDC reserve revenue, annualized by current scale, of approximately US$193 million

On October 4, Hyperdash co-founder Hans issued a document stating that Hyperliquid's AQAv2 mechanism has formed a new source of revenue. On October 3, AQAv2 Treasury Wallet completed its first payment, paying US$14.58 million for USDC reserves held by the trading platform over the past 30 days. The relevant money will go into the aid fund and be used to buy HYPE. According to this mechanism, after a user bridges the USDC to Hyperliquid, Circle will deposit the corresponding assets on HyperEVM, bill the treasury balance on a daily basis, and settle it every 30 days. Coinbase and Circle each pledged 500,000 HYPEs; if payment is not made on time, Coinbase may lose 2% of its pledged amount every day. Hans said that Hyperliquid's previous revenue came mainly from transaction fees, while AQAv2 allows the platform to generate revenue from margin deposits themselves, regardless of whether the funds participate in transactions. The first payment covers the period from August 26 to September 24, with an implied average rate of approximately 3.14%, and an estimated annualized revenue of approximately US$193 million based on current scale. From January 1 to September 30 this year, Hyperliquid's open interest increased from US$7.72 billion to US$16.4 billion, and platform margins increased from US$4.34 billion to US$7.22 billion. During the same period, the cumulative transaction of perpetual contracts was approximately US$2 trillion, and the agreement received US$493.3 million in handling fees, equivalent to approximately 2.46 basis points per US dollar transaction volume. Based on this year's average trading speed and current AQAv2 rates, every dollar of margin can contribute approximately 15.4 cents to the agreement annually, of which approximately 12.5 cents comes from transaction fees and approximately 2.8 cents comes from AQAv2. Hans expects that under the benchmark scenario of a 20% annual growth in stablecoin size and Hyperliquid maintaining its current market share of approximately 8.7%, the agreed annual revenue may increase from the current approximately US$1.11 billion to US$2.4 billion by the end of 2030.