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Hyperliquid protocol revenue reached $190.9 million in the third quarter, a 21.7% increase quarter-over-quarter, marking a new quarterly high for 2026. USDC reserve earnings have accumulated to $17.3 million since August 27, accounting for approximately half of the quarterly revenue increase. Priority fees reached $9.6 million, a 3.3-fold increase quarter-over-quarter. These two revenue streams combined accounted for 14% of total protocol revenue in the third quarter.