Research · Note 03

Hype

5 September 2026 · 2 min · Under study

The infrastructure to house all finance.

Agents need a financial system that never closes. Hyperliquid runs 24 hours, 365 days, bringing the best liquidity and price discovery when banks and exchanges are shut.

Banks / listed session~40hHyperliquid168h
Hours a book is open in a week. Hyperliquid runs 24 hours, 365 days. Banks and listed exchanges do not.

Jeff Yan built a phenomenal organization with only 11 employees but the highest efficiency in the world (close to $100 million profit per employee), dwarfing all other companies.

Hyperliquid~$82mnNVIDIA~$2mnApple~$0.7mnS&P 500 average~$60k
Profit per employee. Hyperliquid ~$82 million on ~$900 million of 2025 profit and 11 people (Colossus). NVIDIA, Apple, and the S&P 500 average from public filings. Illustrative.

99% of trading fees flow directly into buying Hype in the open market. It is a real cannibal that keeps creating value for its owners.

HyperliquidCoinbase
  • Hyperliquid · 99%
  • Coinbase · 19%
Share of each fee dollar used to buy the token or the stock. Hyperliquid policy versus Coinbase. A buyback, not a dividend.

The AQAv2 deal with Circle and Coinbase demonstrates its highest bargaining power in the industry. The extra 90% of USDC reserve yield now feeds additional buybacks and makes it the best business model in the financial industry.

Typical exchange~0%Hyperliquid after AQAv2~90%
Who keeps the interest on USDC sitting at the venue after AQAv2 with Circle and Coinbase. Extra yield feeds additional buybacks.

Sources: HIP-3; AQAv2; Fortune on Jeff Yan; Colossus, Beyond the Sky; CoinDesk on the Circle deal. Not investment advice. Not a price target.

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