Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE
Hyperliquid is experiencing a surge in trading volume and open interest, yet its gross protocol revenue has declined significantly due to a fee-sharing model with market builders. The platform's shift toward real-world asset perpetuals has driven user growth while simultaneously increasing the cost of revenue.
Open interest, the total value of leveraged positions traders hold at one time, climbed to just above $11 billion on July 13, the platform's highest in 2026. Hyperliquid’s perpetual futures volume over the past 30 days ran to nearly $178 billion. Hyperliquid now settles roughly 9% of all open perp positions worldwide, centralized exchanges included, up from under 7% in late May.
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