Crypto
Hyperliquid's RWA Perpetuals Boom Masks Revenue Decline
Hyperliquid's RWA Perpetuals Boom Comes at a Cost to HYPE Revenue
The numbers don't add up for Hyperliquid. Despite reaching fresh highs in open interest, the platform's revenue has dropped for four consecutive quarters.
The culprit behind this disconnect is a deliberate strategic choice: a fee-sharing program that redirects half of the platform's volume and fees to outside developers.
This approach has helped Hyperliquid gain market share, particularly in the crowded crypto perpetuals market. However, it has also introduced a friction between volume metrics and revenue.