TLDR
- Coinbase is now the official USDC deployer on Hyperliquid’s treasury wallet, with $32 million in HYPE already staked.
- The move could add up to $200 million in extra revenue to the DEX through the AQAv2 yield framework.
- HYPE is trading around $64, up over 10% on the day from a low of around $60.
- Kraken has also enabled HYPE staking on its platform, adding more demand pressure.
- Research firm Citrini called HYPE a “compelling” investment, pointing to $1.06 billion in annualized fees and a $2 billion token buyback program.
Coinbase has officially taken over as the USDC deployer on Hyperliquid, the decentralized perpetual futures exchange. The news sent the HYPE token climbing, reaching around $64 after dipping to roughly $60 earlier in the day.
Coinbase made the announcement on X, confirming it now controls Hyperliquid’s USDC treasury wallet. The exchange is operating through two wallet addresses using a framework called AQAv2. This system routes most of the yield earned on Hyperliquid’s USDC reserves back into the DEX’s ecosystem.
🔥 Coinbase just went live as Hyperliquid’s official USDC treasury deployer.
They activated the AQA wallet and dropped the two addresses for onchain collateral management. This was the big move they teased back in May — USDC is now the main collateral for the perp market, 24/7… pic.twitter.com/q4a6xcXe7s
— Hyperliquid Daily (@HYPERDailyTK) June 9, 2026
The first wallet already holds just over $32 million in staked HYPE tokens, according to HypurrScan data. The second wallet has not yet made any transactions.
Under the AQAv2 structure, analysts estimate the arrangement could increase Hyperliquid’s annual revenue by as much as $200 million. Hyperliquid has a policy of using up to 99% of its revenue to buy back HYPE tokens through its Assistance Fund mechanism.
Buyback Machine Draws Analyst Attention
Research firm Citrini, known for triggering a brief market pullback in February with its AI bubble warnings, published a report this week naming HYPE as a “compelling” new investment idea. The firm noted that unlike most crypto assets, HYPE is backed by real cash flow.
“Unlike the memetic majority of crypto, HYPE generates legitimate cash flow. On top of that, there is even a buyback mechanism,” the Citrini report said. The firm pointed out that since January 2025, cumulative buybacks have surpassed $2 billion, accounting for nearly half of all token-buyback activity across the crypto sector last year.
Hyperliquid has generated approximately $1.06 billion in annualized fees. Its 30-day perpetual futures volume stands at around $220 billion, according to DeFiLlama data.
Last week, Hyperliquid produced $29.5 million in fees and $24.07 million in revenue. That marks the DEX’s highest weekly revenue since early February and the week of the October 10 crypto crash.
Kraken Joins Coinbase in HYPE Ecosystem Push
Kraken has also enabled HYPE staking on its platform, which analysts say could further boost demand for the token.
Both Coinbase and Kraken are racing to enter the U.S. perpetual futures market after the CFTC opened the door last month to regulated crypto perp products. Hyperliquid currently dominates global on-chain perp volume, making it a key player in that competitive landscape.
The HIP-3 DEX Trade.xyz, which runs on Hyperliquid’s infrastructure, recorded $16.18 billion in weekly trading volume last week, its best performance since launching in October 2024.
HYPE is currently trading at around $64, according to TradingView.
