Hyperliquid AQA v2 Implies About $193M in Annualized Revenue and $527K in Daily HYPE Buyback Pressure

Arete Capital Managing Partner McKenna said that as Hyperliquid’s AQA v2 wallet continues to accumulate USDC, its indicative yield and annualized revenue can now be estimated. Based on roughly $6.21 billion in USDC associated with AQA v2 and a 30-day SOFR of about 3.65%, the indicative AQA yield is estimated at around 3.10%.

If roughly 90% of the revenue flows to the Assistance Fund, this would imply about $193 million in annualized revenue, or approximately $527,000 per day, potentially creating corresponding buyback pressure for HYPE. McKenna noted that the figures are estimates based on on-chain balances and interest-rate assumptions, not official disclosures from Hyperliquid.