Research: Hyperliquid has earned $96 million since the beginning of the year, making it the 9th most profitable cryptocurrency project this year

According to research by @stevenyuntcap from Yunt Capital, the revenue of the Hyperliquid platform includes instant listing auction fees, profits and losses of HLP market makers (MM), and platform fees.

The first two are public information, but the team recently explained the last source of income. Based on this, it can be estimated that Hyperliquid's income from the beginning of the year to now is 44 million US dollars, with HLP accounting for 40 million US dollars; HLP Strategy A is -2 million US dollars, and HLP Strategy B is 2 million US dollars; income from liquidation is 4 million US dollars.

When HYPE was launched, the team used an Assistance Fund wallet to buy HYPE in the market; assuming that there are not multiple USDC AF wallets, then since beginning of this year till now profit or loss for USDC AF has been $52 Million USD. Therefore adding up $44 Million USD from HLP and $52 Million USD from USCDAF gives us a total revenue for HyperLiquid since start of this year as approximately $96 Million USD which surpasses Lido making it ninth most profitable crypto project in 2024.