Hyperliquid Open Interest Surpasses $11 Billion, Hitting Yearly High, but Protocol Revenue Declines for Four Consecutive Quarters
- Hyperliquid's open interest surpassed $11 billion on July 13, marking a yearly high.
- The platform's perpetual futures trading volume reached approximately $178 billion in the last 30 days.
- Hyperliquid's revenue has decreased for four consecutive quarters, dropping from about $357 million in Q3 2025 to around $202 million in Q2 2026.
- The decline in revenue is attributed to a fee-sharing program that allocates half of the trading volume to external developers.
- RWA perpetuals have become the fastest-growing segment, with open interest in contracts linked to various assets hitting a record $3.6 billion.
According to CoinDesk, trading activity on the Hyperliquid platform has reached a record level, but the platform's retained revenue has been on a decline. On July 13, Hyperliquid's open interest surpassed $11 billion, achieving a new high for the year. In the past 30 days, the perpetual futures trading volume on the platform reached approximately $178 billion, representing about 9% of the global perpetual futures open interest.
Despite the increase in trading activity, Hyperliquid's revenue has fallen for four consecutive quarters, decreasing from approximately $357 million in Q3 2025 to around $202 million in Q2 2026, marking a cumulative drop of about 43%. This revenue shortfall is primarily due to a fee-sharing program that allocates half of the platform's trading volume to external contract developers.
Since October 2025, the HIP-3 builder-deployed markets have enabled users who stake 500,000 HYPE (approximately $28 million) to create their own perpetual futures markets on Hyperliquid and retain up to half of the trading fees. Initially, these builder markets accounted for only about 2% of the volume, but this share has now increased to about half. Over the same period, Hyperliquid's cost of revenue as a percentage of total revenue has also risen from under 6% in Q2 2025 to 18% a year later.
The fastest-growing segment on the platform is RWA perpetuals, with open interest in contracts linked to crude oil, gold, Nvidia, Tesla, the Nasdaq 100, and private companies such as SpaceX hitting a record $3.6 billion this month, surpassing bitcoin to become the platform's largest market.
Hyperliquid未平仓合约超过110亿美元，创年度新高，但协议收入连续四个季度下降
据CoinDesk报道，Hyperliquid平台的交易活动已达到创纪录的水平，但该平台的保留收入持续下降。7月13日，Hyperliquid的未平仓合约超过110亿美元，创下年度新高。在过去30天内，该平台的永续合约交易量达到约1780亿美元，占全球永续合约未平仓合约的约9%。
尽管交易活动有所增加，Hyperliquid的收入连续四个季度下降，从2025年第三季度的约3.57亿美元降至2026年第二季度的约2.02亿美元，累计下降约43%。这一收入短缺主要是由于一个费用分成计划，将一半的交易量分配给外部合约开发者。
自2025年10月以来，HIP-3构建者部署的市场使得抵押50万HYPE（约2800万美元）的用户能够在Hyperliquid上创建自己的永续合约市场，并保留高达一半的交易费用。最初，这些构建者市场仅占交易量的约2%，但现在这一比例已上升至约一半。在此期间，Hyperliquid的收入成本占总收入的比例也从2025年第二季度的不到6%上升至一年后的18%。
该平台增长最快的细分市场是RWA永续合约，与原油、黄金、Nvidia、特斯拉、纳斯达克100指数以及SpaceX等私营公司相关的合约本月的未平仓合约达到了创纪录的36亿美元，超过比特币，成为该平台最大的市场。