Today marks the date where AQAv2 reserve yield starts accruing on Hyperliquid’s over $6.74B in USDC deposits. Under the deal Coinbase (treasury deployer) and Circle struck back in May, ~90% of that yield gets funneled straight into HYPE buybacks.
While today is a celebrated day within the Hyperliquid community, this activation is mostly symbolic as no cash actually moves yet. The date that actually matters is October 3, 2026 as that is when the accrued revenue is actually distributed.
In anticipation of this event and to project potential HYPE buyback figures, we assume a base case scenario (3% yield).
This assumption gives the Hyperliquid protocol ~$498K/day in new revenue or ~$182M annualized. This is roughly an 18% bump on Hyperliquid's current ~$2.76M/day average revenue.
Here are some other interest rate scenarios:
| Scenario | Yield Rate | Daily Add-on | Annualized Add-on | % Increase vs. Baseline Revenue |
|---|---|---|---|---|
| Low | 2% | $332,384 | $121.32M | 12.04% |
| Base | 3% | $498,575 | $181.98M | 18.06% |
| High | 5% | $830,959 | $303.30M | 30.09% |
What do you guys think, will you be buying in anticipation of this news or selling it?
Source and additional data: https://www.coingecko.com/learn/hyperliquid-aqav2-hype-buyback-revenue-increase
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