Hyperliquid’s RWA Perpetuals Boom Is Eating Into the Revenue That Backs HYPE

The numbers don’t line up the way they used to. Hyperliquid’s open interest has climbed to fresh highs, but the revenue that backs its HYPE token has dropped for four consecutive quarters.

The culprit is a deliberate strategic choice: a fee-sharing program that shunts half the platform’s volume—and the fees that come with it—to outside builders.

It is a tradeoff that worked for growth but is now thinning the direct income stream that market participants once took for granted.

According to the original report, the gap between surging activity and shrinking revenue traces back to a program that incentivizes third-party developers to route volume through the exchange.