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

CryptoInfo Editorial Team · Published on August 09, 2026 at 15:00 · Updated on August 09, 2026 · 1 min read

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Key Takeaways

→Revenue has fallen for four quarters running at Hyperliquid.
→Open interest has hit a record high despite the decline in revenue.
→A fee-sharing program hands half the platform's volume to outside builders.

Disclaimer: This content is provided for informational purposes only and does not constitute financial or investment advice.

Hyperliquid's RWA perps boom is having a significant impact on the revenue that backs HYPE, with a decline in revenue for four quarters running, according to reporting from CoinDesk.

Despite this decline, open interest has hit a record high, highlighting the growing popularity of RWA perps on the platform.

A key factor contributing to the revenue decline is a fee-sharing program, which hands half of the platform's volume to outside builders, creating a gap in the revenue that backs HYPE.

Source: CoinDesk ↗

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