Research released by Grayscale on October 30 says Coinbase pays Hyperliquid 90% of the interest generated by customers’ roughly $6 billion in deposits. Hyperliquid receives this payment every month, regardless of trading activity. Despite the downturn in the cryptocurrency market, this interest helped Hyperliquid generate about $105 million in revenue in September, nearly matching the same period last year. Grayscale says that by September, Hyperliquid’s own cryptocurrency trading fees accounted for 64% of its revenue, down from more than 90% in mid-2025. An earlier Grayscale report said Hyperliquid directs 99% of its fees into a fund that buys and burns HYPE tokens.