Heads up for anyone tracking liquidity metrics: there's a critical gap in how certain data platforms are calculating USDC totals on Hyperliquid that you need to know about.

The issue? USDC sitting on HyperEVM doesn't flow through the canonical Arbitrum bridge—even when users bridge assets to HyperCore. This creates a blind spot in the data aggregation.

What this means practically: if you're relying solely on standard cross-chain tracking tools, you're getting an incomplete picture. The displayed figures are missing a significant chunk of the actual USDC present in the Hyperliquid ecosystem.

For accurate assessment, you'll need to manually aggregate USDC amounts from both environments. HyperEVM operates its own bridging infrastructure separate from the typical Arbitrum pathway, which throws off automated tracking systems that assume standard bridge architecture.

This isn't just a minor discrepancy—it could substantially affect how you evaluate the platform's actual liquidity depth and capital efficiency. Anyone doing serious analysis or risk assessment on Hyperliquid should account for both pools when calculating total stablecoin reserves.