According to CoinMeta, as reported by Grayscale, Hyperliquid's outsourcing revenue model reached $38 million last month and attracted major institutional partners. Its parent company, ICE, is currently collaborating with Hyperliquid to build perpetual contracts in the United States. The sources of outsourcing revenue include: 1. Deployer Perpetual Contracts: Third parties list perpetual contracts on commodities, stocks, and IPO assets. 2. Builder Code: Multiple partners route orders to Hyperliquid and earn fees. 3. USDC Reserve Income: 90% of the reserve income from $6 billion in deposits is passed on to Hyperliquid4. Auctions: Fees from spot transactions and token listing auctions. Interested in $HYPE? Grayscale's Hyperliquid Staking ETF offers investment opportunities in $HYPE.