Hyperliquid's protocol revenue reached $191 million in Q3, up 21.7% quarter-over-quarter.

BlockBeats news, November 13 — Hyperliquid's protocol revenue reached $190.9 million in the third quarter, up 21.7% quarter-over-quarter, marking the highest single-quarter level since 2026. USDC reserve yield and priority fees were the main sources of revenue growth this quarter. USDC reserve yield has accumulated $17.3 million since August 27, accounting for roughly half of the quarterly revenue increase.

Priority fee revenue reached $9.6 million, approximately 3.3 times that of the previous quarter, mainly from fees paid by traders for faster trade execution and data access. The two revenue streams combined account for 14% of quarterly protocol revenue, and their growth does not depend on increased trading volume.