Hyperliquid AQA v2 Model Estimated to Generate $193M in Annual Revenue

Hyperliquid's AQA v2 model may generate $193 million in yearly revenue, according to an estimate by Arete Capital partner McKenna. This projection is based on $6.21 billion in USDC and current interest rates.

The calculation assumes a 30-day secured financing rate of about 3.65%, which would produce roughly $527,000 in daily HYPE buybacks. However, this figure depends mainly on USDC balances and interest rates, meaning lower rates or falling Hyperliquid deposits could reduce the estimate.

Hypoliquid AQA v2 deployers share about 90% of adjusted reserve-yield revenue with the protocol, which can then direct those proceeds toward HYPE buybacks. This source differs from trading fees because it depends mainly on USDC balances and interest rates.

Separate filings show growing institutional exposure through three Hyperliquid exchange-traded funds. Bloomberg analyst James Seyffart compiled positions reported for June 30, revealing $74.9 million across the three ETFs, with Wealth High Governance Asset Management leading the way with $23.95 million.