Hyperliquid Trading Volume Hits Record High as Revenue Keeps Falling

Hyperliquid’s open interest topped $11 billion in July, its highest point this year, with monthly trading volume near $178 billion. Yet gross revenue has fallen for four straight quarters, dropping 43% from its peak to around $202 million, even as trading activity climbed.

Fee-Sharing Program Behind the Gap

A builder program letting large token holders launch their own markets now accounts for about half of all trading volume, up from just 2% earlier this year. That has pushed a much bigger share of fees back out to outside operators instead of staying with the platform.

Contracts tied to stocks, gold, and oil recently overtook bitcoin as the platform’s largest market, hitting a record $3.6 billion in open interest.