Hyperliquid AQAv2 could generate $193M per year

Hyperliquid’s AQAv2 wallet has now accumulated enough USDC to make an initial estimate of the annual returns. Based on a USDC base of $6.21 billion and current interest rates, the system would come to around $193 million per year, which translates to roughly $527.000 in daily buyback pressure for HYPE.

In brief:

• AQAv2 has a USDC base of $6.21 billion, with an estimated annual return of ~$192.5 million.
• Ninety percent of the returns go to the Assistance Fund, implying roughly ~$527.000 in daily HYPE buybacks.
• The figures are estimates based on on-chain balances and interest rate assumptions, not an official statement from Hyperliquid.

How the calculation works

McKenna, managing partner at Arete Capital, explains how the estimate is arrived at. The AQAv2 wallet holds USDC across two locations: a Coinbase treasury wallet containing $5,588 billion and a Circle-linked contract holding $622.8 million, together accounting for a total base of $6,211 billion.

The interest rate used as a starting point is the 30-day SOFR, which came out at 3.64586% on 4 September. Because the AQA implementation historically applies a realisation factor of approximately 85% to the SOFR, the indicative AQA rate amounts to around 3.10%. That yields approximately $527.000 per day, or around $15.8 million over thirty days.

Ninety percent to the Assistance Fund

Under the intended distribution, 90% of the returns go to Hyperliquid’s Assistance Fund, while 10% flows to a Circle-linked contract. This is also reflected in the ratio between the two wallets. That 90% flow to the Assistance Fund is what theoretically underpins the daily buyback pressure of $527.000 for HYPE.

McKenna notes that the figures presented are estimates based on on-chain balances and interest rate assumptions. Hyperliquid has not officially confirmed these numbers.