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.

• Hyperliquid has become one of the largest venues for perpetual futures, with open interest hitting a 2026 high of about $11 billion and handling roughly 9% of global perp positions, even as its quarterly gross revenue has fallen about 43% from its 2025 peak.
• A shift to builder-deployed markets under HIP-3, dominated by Trade.xyz’s real-world asset perps, now drives roughly half of Hyperliquid’s volume and a rising share of pass-through costs, leaving the protocol with a smaller cut of trading fees and concentrated operational risk.
• HYPE’s buyback-driven token economics are weakening as earnings decline, while large unlocks, institutional selling, regulatory scrutiny and new competition from platforms like Robinhood Chain weigh on the token, whose value still rests largely on Hyperliquid’s core exchange business rather than a broad ecosystem.

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The Definitive Stablecoin Landscape Series: Asia Pacific

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Why it matters :

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Payments firm OpenPayd targets year-end Nasdaq listing to fund U.S. expansion and acquisitions

Crypto job postings triple to over 1,200 in September, but applications fall

BlackRock offers a glimpse of how tokenization may change your investment portfolio

Disclaimer: This article is for information only and does not constitute investment advice. Digital assets involve substantial risk.