Hyperliquid, a decentralized perpetual futures platform, saw its open interest rise to $11 billion in July 2026 while its revenue fell 43% from a $357 million peak in Q3 2025 to $202 million in Q2 2026, according to DefiLlama data.

The platform’s perpetual futures volume reached nearly $178 billion over the past 30 days, and its share of global open positions increased to 9% from under 7% in late May.

The decline coincides with the rollout of Hyperliquid Improvement Proposal 3 (HIP‑3), which lets anyone stake 500,000 HYPE to launch their own perpetual market and retain up to 50% of trading fees; builder‑deployed markets grew from about 2% of perp volume at the start of 2026 to roughly half by July. Cost of revenue, which includes fees paid to builders, market makers and the liquidity vault, rose from under 6% of gross revenue in Q2 2025 to 18% a year later, and builder routing fees of $16 million in Q2 2026 were passed through unchanged. Real‑world asset perpetuals reached a record $3.6 billion in open interest, overtaking Bitcoin as the platform’s largest market by that metric, while tokenized stocks and commodities generated $25 billion in weekly volume, surpassing crypto perps for the first time. Trade.xyz, the primary HIP‑3 deployer, accounted for more than 90% of HIP‑3 open interest, making the platform’s metrics dependent on its oracle and risk settings; a recent 19% drop in a thin Korean pre‑market SK Hynix contract highlighted operational risk. The Assistance Fund, which uses roughly 44.5 million HYPE to buy back tokens, saw buybacks fall to $149 million in Q2 2026 versus $290 million in Q3 2025, aligning with lower earnings. HYPE traded at $55, down 5% week‑over‑week and about 28% from its June 16 high, with annualized earnings of $785 million implying a valuation of roughly 16× market cap and 70× fully diluted value. Institutional holders such as Multicoin Capital and Bitwise have moved sizable HYPE amounts to exchanges, while the token’s ecosystem remains concentrated, with HYPE representing the vast majority of value among 48 tracked tokens. Spot HYPE ETFs recorded a $7 million outflow in the week to July 17, ending a nine‑week inflow streak, and Singapore’s Monetary Authority added Hyperliquid to its investor alert list in late June. Competition arrived from Robinhood Chain, which reported over $600 million in daily decentralized exchange volume on memecoin trading, potentially exceeding Hyperliquid’s speculative activity. Analysts estimate Hyperliquid and Pump.fun together represent 67% of all crypto application revenue as of July 31, and Grayscale likened the platform to Amazon Web Services, highlighting the risk that outside developers may dominate the ecosystem.

The platform’s future revenue trajectory will depend on the sustainability of builder markets, regulatory scrutiny and competition from emerging decentralized brokerages.