Hyperliquid Makes Money in a Bear Market Without Anyone Trading, Grayscale Says

Coinbase hands Hyperliquid 90% of the interest earned on about $6 billion of customer deposits, according to Grayscale research published on October 30. The money arrives every month whether anyone trades or not. That cheque is one reason Hyperliquid, a blockchain-based exchange for leveraged bets on prices, made about $105 million in September, almost the same as a year earlier despite a crypto downturn. Why Coinbase Agreed to Give the Money Away The arrangement dates to May, when Coinbase became the treasury partner for USDC, a dollar stablecoin, on Hyperliquid. BeInCrypto reported then that the deal could reshape stablecoin revenue sharing. Grayscale’s figures now show the scale. Stablecoin deposits are invested in US Treasury bills, so the interest is real cash.

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