Hyperliquid RWA Volume Surges 178B While Revenue Drops 43%

Hyperliquid sees $178B in 30-day perp volume and $11B open interest, yet protocol revenue fell 43% as HIP-3 fee sharing with developers reduces HYPE buybacks.

Woofun AI data shows that Hyperliquid's perpetual contract trading volume reached nearly $178 billion over the past 30 days, with open interest climbing to approximately $11 billion on July 13. Despite this activity growth, protocol revenue has declined for four consecutive quarters, falling from roughly $357 million in Q3 2025 to about $202 million in Q2 2026. This 43% drop from peak levels is attributed to the HIP-3 mechanism, which allows external developers staking 500,000 HYPE tokens to retain up to 50% of transaction fees. Developer-created markets now account for nearly half of perpetual contract volume, up from just 2% at the start of 2026. Since 97% of fees fund HYPE buybacks, reduced revenue directly lowers buyback volumes. HYPE traded around $55 on Friday, down 28% from its June 16 high of $77, while nearly 10 million tokens worth $550 million unlocked on August 6.