Hyperliquid Revenue Falls a Fourth Straight Quarter Even as Open Interest Hits Record

Trading revenue at decentralized derivatives venue Hyperliquid has declined for a fourth consecutive quarter even as open interest reached a record high, according to CoinDesk. The divergence stems from the platform's fee-sharing program, which directs roughly half of platform volume to third-party builders that route order flow to Hyperliquid. Growth has been concentrated in perpetual futures on real-world assets, a segment where much of the activity arrives through those external front ends. Because protocol revenue funds buybacks and other value accrual for the HYPE token, the widening gap between activity and fees captured at the protocol level weakens the economic base supporting the token, even as headline usage metrics improve.