Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE
60-second summary
Hyperliquid's revenue is declining for the fourth consecutive quarter, despite a record high open interest, which has surged to new levels. This discrepancy is largely attributed to the platform's fee-sharing program, which distributes half of its volume to external builders, significantly impacting HYPE's revenue and potentially affecting its overall financial stability and market presence.
Revenue has fallen four quarters running while open interest hit a record high. The gap is a fee-sharing program that hands half the platform's volume to outside builders.