Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE
Revenue has fallen four quarters running while open interest hit a record high. The gap is a fee-sharing program that hands half the platform's volume to outside builders.
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Why this matters
Hyperliquid is showing up inside the Tokenization theme, so this story is worth tracking for follow-through rather than treating it as a one-off headline.
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