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, 2026.
- Perpetual contract trading volume over the past 30 days was about $178 billion.
- Total protocol revenue has declined for four consecutive quarters, reaching about $202 million in Q2 2026.
- Revenue peaked at around $357 million in Q3 2025, down 43% from the peak.
- HIP-3 fee sharing is a main reason for the revenue decline, with builders retaining up to 50% of trading fees.
PANews reported that Hyperliquid's open interest reached over $11 billion on July 13, 2026, marking a new high for the year. The trading volume for perpetual contracts in the past 30 days was approximately $178 billion.
However, according to data from DefiLlama, the total revenue of the protocol has declined for four consecutive quarters. After peaking at around $357 million in Q3 2025, the revenue dropped to about $202 million in Q2 2026, reflecting a 43% decrease from the peak.
The report indicates that one of the main reasons for this decline is the HIP-3 fee sharing model, where builders 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未平仓合约达到年度新高，但协议收入连续四个季度下降
PANews报道，Hyperliquid的未平仓合约在2026年7月13日超过110亿美元，创下年度新高。过去30天的永续合约交易量约为1780亿美元。
然而，根据DefiLlama的数据，协议的总收入已经连续四个季度下降。在2025年第三季度收入达到约3.57亿美元的峰值后，2026年第二季度收入降至约2.02亿美元，较峰值下降了43%。
报告指出，收入下降的主要原因之一是HIP-3费用分成模型，建设者可以保留高达50%的交易费用。此外，本月RWA永续合约的未平仓合约达到了36亿美元，超过比特币，成为该平台最大的市场。