Hyperliquid receives its first $14.58 million USDC reserve income, annualizing to approximately $193 million at the current scale.

BlockBeats news, October 4 — Hyperdash co-founder Hans posted that Hyperliquid's AQAv2 mechanism has formed a new source of revenue. On October 3, the AQAv2 treasury wallet completed its first payment, paying $14.58 million for the USDC reserves held by the trading platform over the past 30 days. The relevant funds will enter the assistance fund to buy HYPE.

Under this mechanism, after users bridge USDC to Hyperliquid, Circle will mint the corresponding assets on HyperEVM and bill the treasury balance daily, settling every 30 days. Coinbase and Circle each stake 500,000 HYPE; if payment is not made on time, Coinbase could lose 2% of its staked amount per day.

Hans said that Hyperliquid's previous revenue mainly came from trading fees, while AQAv2 enables the platform to earn revenue from margin deposits themselves, regardless of whether the related funds participate in trading. The first payment covers August 26 to September 24, implying an average rate of about 3.14%, with annualized revenue estimated at about $193 million at the current scale.

From January 1 to September 30 this year, Hyperliquid's open interest increased from $7.72 billion to $16.4 billion, and platform margin increased from $4.34 billion to $7.22 billion. During the same period, perpetual contracts recorded cumulative trading volume of about $2 trillion, and the protocol earned $493.3 million in fees, equivalent to charging about 2.46 basis points per dollar of trading volume.

Based on this year's average trading pace and the current AQAv2 rate, every $1 of margin can contribute about 15.4 cents in annual revenue to the protocol, of which about 12.5 cents comes from trading fees and about 2.8 cents comes from AQAv2. Hans expects that under a baseline scenario where stablecoin scale grows 20% annually and Hyperliquid maintains its current market share of about 8.7%, the protocol's annual revenue could increase from about $1.11 billion currently to $2.4 billion by the end of 2030.