Coinbase Plants Its Flag on Hyperliquid: $32M HYPE Staked, $200M Revenue on the Table 🏴

Coinbase has become the official USDC deployer on the perpetual decentralized exchange Hyperliquid, the exchange announced in an X post, and has staked just over $32 million in HYPE tokens from a first wallet address, 0x4E…..d96F8, according to HypurrScan data. A second wallet, 0xc20…..13c00, has not yet executed any transactions. The arrangement activates Coinbase's AQAv2 framework, under which the majority of yield earned on Hyperliquid's USDC reserves is routed back to the DEX's ecosystem, potentially increasing Hyperliquid's revenue by up to $200 million. The perp DEX is expected to allocate most of that revenue to HYPE token buybacks and burns. The move formalizes a relationship first disclosed less than a month ago and coincided with the HYPE token climbing more than 10% on the day to $64, rebounding from lows set during the recent $BTC crash.

The tie-up extends beyond the treasury. On June 8, Coinbase Derivatives launched HYPE and BNB futures, bringing Hyperliquid's native token into a regulated derivatives venue for the first time and giving institutional and retail participants access to leverage and hedging. Coinbase has additionally agreed to acquire the USDH brand assets from native markets, further entrenching its footprint in the network. USDC serves as the collateral token for Hyperliquid's HIP-3 markets, anchoring the deployer role to a core piece of the DEX's design.

Institutional participation in HYPE has accelerated in parallel. Bitwise's BHYP ETF recorded its first meaningful redemption on June 5, when investors withdrew $2.9 million after weeks of persistent inflows, suggesting some participants took profits as Hyperliquid traded near record highs. Prior inflows had reached $22.1 million on May 29 and $19 million on May 26, pushing cumulative BHYP inflows to $91.2 million, and the fund returned to positive territory with another $1.8 million in inflows at the time of writing.

On-chain records show Bitwise transferred 50,480 HYPE, worth roughly $3.28 million, to FalconX in the days surrounding the redemption. Bitwise still held 1.55 million HYPE, valued near $99 million, indicating the transfer represented routine rebalancing, custody management, or liquidity preparation rather than a meaningful reduction in exposure. Coinbase is listed as a source for the original USDC deployer announcement; Hyperliquid data and ETF flow figures were sourced from HypurrScan and Bitwise disclosures.