Hyperliquid Open Interest Hits Yearly High, But Protocol Revenue Declines for Four Consecutive Quarters
- Hyperliquid open interest rose to over $11 billion on July 13, hitting a new high for 2026.
- Perpetual contract trading volume over the past 30 days was about $178 billion.
- Total protocol revenue has declined for four consecutive quarters after peaking at around $357 million in Q3 2025.
- Revenue reached about $202 million in Q2 2026, down 43% from the peak.
- HIP-3 fee sharing is believed to be a main reason for the revenue decline.
PANews reported that Hyperliquid's open interest reached over $11 billion on July 13, marking a new high for 2026. The trading volume of perpetual contracts in the last 30 days was approximately $178 billion.
Despite the increase in open interest, the total protocol revenue has been on a decline for four consecutive quarters, peaking at around $357 million in Q3 2025 and falling to about $202 million in Q2 2026, a decrease of 43% from its peak.
The report suggests that the HIP-3 fee sharing model is a significant factor contributing to this revenue decline, as the builder market now accounts for about half of the platform's perpetual contract trading volume and can retain up to 50% of the trading fees.
Additionally, RWA perpetual contract open interest reached a record $3.6 billion this month, surpassing Bitcoin to become the platform's largest market.
Hyperliquid的未平仓合约创年度新高，但协议收入连续四个季度下降
PANews报道，Hyperliquid的未平仓合约在7月13日达到超过110亿美元，创下2026年的新高。过去30天的永续合约交易量约为1780亿美元。
尽管未平仓合约有所增加，但协议收入已经连续四个季度下降，2025年第三季度收入峰值约为3.57亿美元，2026年第二季度降至约2.02亿美元，比峰值下降43%。
报告指出，HIP-3费用分享模式是导致收入下降的重要因素，因为建设者市场现在占据了平台永续合约交易量的一半，并可以保留高达50%的交易费用。
此外，RWA永续合约的未平仓合约本月达到创纪录的36亿美元，超过比特币，成为平台最大的市场。