Hyperliquid RWA Perpetuals Growth Diverts Revenue Backing HYPE Token
Hyperliquid has recorded four consecutive quarters of declining revenue despite reaching record-high open interest, driven by a fee-sharing program.
Decentralized trading platform Hyperliquid has experienced four consecutive quarters of declining revenue even as open interest on the protocol reached record highs. The divergence between growing trading activity and falling revenue stems from the platform's fee-sharing structure.
Under the existing program, Hyperliquid allocates half of its trading volume revenue to outside builders and developers. While this mechanism has successfully incentivized ecosystem development and contributed to a boom in real-world asset (RWA) perpetuals trading, it has simultaneously reduced the net protocol revenue available to support and back the native HYPE token.
Marcus reports on digital assets, from spot ETF flows to protocol-level developments in DeFi. He pays particular attention to how institutional adoption is reshaping crypto market structure.
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