Hyperliquid’s open interest surpasses $11 billion; RWA perpetual contracts see the most prominent growth
On August 10, according to CoinDesk, Hyperliquid’s trading volume continued to climb, while the platform’s retained revenue fell in parallel, showing a clear divergence between performance and revenue.
Specifically, on July 13, Hyperliquid’s open interest broke above $11 billion, setting a new intra-year high. In the past 30 days, perpetual contracts recorded trading volume of about $178 billion, accounting for 9% of global perpetual contract open positions.
In stark contrast, the platform protocol has experienced a fourth consecutive quarter of revenue decline, dropping from approximately $357 million in Q3 2025 to about $202 million in Q2 2026, for a cumulative decline of roughly 43%.
Analysts point out that this phenomenon is mainly driven by the platform’s external developer fee-sharing mechanism, which diverts nearly half of trading revenues to third-party contract developers.
Additionally, under the HIP-3 rules introduced by an improvement proposal that took effect in October 2025, any user staking 500,000 HYPE tokens (about $28 million) can access the perpetual contract market when Hyperliquid launches it, and may retain up to 50% of trading fees.
The mechanism is designed to spur rapid growth in third-party markets. Their share of trading volume has risen quickly from just 2% at the beginning of 2026 to nearly 50% today. The platform’s revenue cost share also increased from less than 6% in Q2 2025 to 18% a year later.
Notably, among this mechanism’s outcomes, RWA perpetual contracts show the most prominent growth. These include exposure to assets related to private companies that are not publicly listed, such as crude oil, gold, NVIDIA, Tesla, the Nasdaq-100 index, and SpaceX.
This month, the size of this type of RWA perpetual contract has already surpassed Bitcoin, and open interest has also set a record of $3.6 billion—making it the largest market by open interest for the platform.
#Hyperliquid
On August 10, according to CoinDesk, Hyperliquid’s trading volume continued to climb, while the platform’s retained revenue fell in parallel, showing a clear divergence between performance and revenue.
Specifically, on July 13, Hyperliquid’s open interest broke above $11 billion, setting a new intra-year high. In the past 30 days, perpetual contracts recorded trading volume of about $178 billion, accounting for 9% of global perpetual contract open positions.
In stark contrast, the platform protocol has experienced a fourth consecutive quarter of revenue decline, dropping from approximately $357 million in Q3 2025 to about $202 million in Q2 2026, for a cumulative decline of roughly 43%.
Analysts point out that this phenomenon is mainly driven by the platform’s external developer fee-sharing mechanism, which diverts nearly half of trading revenues to third-party contract developers.
Additionally, under the HIP-3 rules introduced by an improvement proposal that took effect in October 2025, any user staking 500,000 HYPE tokens (about $28 million) can access the perpetual contract market when Hyperliquid launches it, and may retain up to 50% of trading fees.
The mechanism is designed to spur rapid growth in third-party markets. Their share of trading volume has risen quickly from just 2% at the beginning of 2026 to nearly 50% today. The platform’s revenue cost share also increased from less than 6% in Q2 2025 to 18% a year later.
Notably, among this mechanism’s outcomes, RWA perpetual contracts show the most prominent growth. These include exposure to assets related to private companies that are not publicly listed, such as crude oil, gold, NVIDIA, Tesla, the Nasdaq-100 index, and SpaceX.
This month, the size of this type of RWA perpetual contract has already surpassed Bitcoin, and open interest has also set a record of $3.6 billion—making it the largest market by open interest for the platform.
#Hyperliquid