PANews reported on December 9 that according to research by @stevenyuntcap from Yunt Capital, the revenue of the Hyperliquid platform includes instant listing auction fees, profits and losses of HLP market makers (MM), and platform fees. The first two are public information, but the team recently explained the last source of revenue. Based on this, it can be estimated that Hyperliquid's year-to-date revenue is US$44 million, of which HLP is US$40 million; HLP strategy A is -US$2 million, and HLP strategy B is US$2 million; and revenue from liquidation is US$4 million. When HYPE was launched, the team used the Assistance Fund wallet to buy HYPE on the market; assuming that the team does not have multiple USDC AF wallets, the year-to-date profit and loss of USDC AF is US$52 million. Therefore, adding HLP's US$44 million and USDC AF's US$52 million, Hyperliquid's year-to-date revenue is approximately US$96 million, surpassing Lido and becoming the 9th most profitable crypto project in 2024.