Hyperliquid received its first reserve income of 14.58 million USDC, with an annualized amount of approximately 193 million dollars at the current scale

Hyperdash co-founder Hans stated that Hyperliquid's AQAv2 mechanism has formed a new source of revenue. 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 related funds will enter the aid fund for purchasing HYPE.

According to this mechanism, after users bridge USDC to Hyperliquid, Circle will mint the corresponding assets on HyperEVM and charge a daily fee on the treasury balance, settling every 30 days. Coinbase and Circle each staked 500,000 HYPE; if they fail to make payments on time, Coinbase could lose 2% of its staked amount daily. Hans mentioned that Hyperliquid's previous revenue mainly came from trading fees, while AQAv2 allows the platform to earn revenue from the margin deposits themselves, regardless of whether the related funds participate in trading.

The first payment covers the period from August 26 to September 24, with an implied average rate of about 3.14%, estimating an annualized revenue of approximately $193 million based on the current scale. From January 1 to September 30 of this year, Hyperliquid's open contracts increased from $7.72 billion to $16.4 billion, and the platform's margin rose from $4.34 billion to $7.22 billion. During the same period, perpetual contracts had a cumulative trading volume of about $2 trillion, and the protocol earned $493.3 million in fees, equivalent to about 2.46 basis points per dollar of trading volume.

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