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Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE

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.

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coindesk.comStai leggendo10 h fa

Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE

Record $11B open interest masks 43% revenue collapse: HIP-3 builder markets surged to 50% of volume, eroding protocol fees. HYPE token down 28%; Trade.xyz concentration (90% of builder activity) creates systemic risk; regulators scrutinize and Robinhood Chain rivals volume.

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cryptobriefing.com5 h fa

Hyperliquid reaches 263,419 active perpetual traders, commanding nearly 70% of on-chain perp activity

Hyperliquid commands 69% of on-chain perpetual volume (263K traders, $10B OI) via non-custodial Layer-1, capitalizing on regulatory pressure against rivals. Shows that transparent on-chain settlement and self-custody are competitive differentiators in institutional routing decisions.

Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE

Hyperliquid reaches 263,419 active perpetual traders, commanding nearly 70% of on-chain perp activity

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Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE

Hyperliquid reaches 263,419 active perpetual traders, commanding nearly 70% of on-chain perp activity