Hyperliquid's Revenue Drought Threatens Valuation as AlphaPepe Prepares for Launch

Hyperliquid's onchain derivatives markets continue to attract significant capital, with total open interest reaching approximately $11 billion. This demonstrates that serious investors remain committed to its markets.

The platform has also expanded its offerings through HIP-3, which allows builders to launch additional contracts, and RWA perpetuals and prediction markets, broadening demand beyond ordinary crypto leverage.

However, revenue has fallen from earlier highs, raising questions about whether open interest translates into enough turnover and fees to support the token valuation.

In contrast, AlphaPepe offers a wider pre-listing retail window, with a confirmed launch range between $0.08 and $0.14, implying approximately 3.43x to 6.00x from its current price of $0.02335.