Hyperliquid Revenue Estimate Reaches $193M Under AQA v2 Model

• Hyperliquid AQA v2 may generate about $193 million yearly from $6.21 billion in USDC.
• Estimated HYPE buybacks could gain roughly $527,000 in daily funding through reserve yield.
• Thirty institutions disclosed $74.9 million across three Hyperliquid ETFs as of June 30.

Hyperliquid may gain a new revenue stream worth about $193 million annually through its AQA v2 structure. Arete Capital partner McKenna based the estimate on $6.21 billion in USDC and current interest rates. The calculation points to nearly $527,000 in daily HYPE buybacks. These figures are estimates, not financial disclosures from Hyperliquid.

Hyperliquid AQA v2 Turns USDC Yield Into HYPE Demand

The model begins with a 30-day secured financing rate near 3.65%.

Applied to $6.21 billion, that rate produces roughly $193 million each year. Dividing that amount by 365 gives about $527,000 daily.

Hyperliquid documentation says AQA v2 deployers share about 90% of adjusted reserve-yield revenue with the protocol. The Assistance Fund can then direct those proceeds toward HYPE buybacks.

This source differs from trading fees because it depends mainly on USDC balances and interest rates. Therefore, lower rates or falling Hyperliquid deposits would reduce the estimate. Higher balances could raise it.

Coinbase became the official USDC treasury deployer under the AQA framework in May. Circle serves as the technical deployer and supports minting, redemption, and cross-chain transfers.

Institutional ETF Exposure Adds Another Demand Channel

Separate filings show growing institutional exposure through three Hyperliquid exchange-traded funds. Bloomberg analyst James Seyffart compiled positions reported for June 30.

That amount represented about 1.15 million HYPE at the measured values.

Wealth High Governance Asset Management led with $23.95 million. OLP Capital followed with $10.50 million, while UBS reported $7.53 million.

Bank of Montreal held $6.69 million, and Jane Street disclosed $4.38 million. The five largest positions totalled $53.04 million, or 70.84% of reported exposure.

The filings show quarter-end snapshots rather than live positions. They also track fund shares, while HYPE buybacks involve direct token purchases through the Assistance Fund.