Hyperliquid Revenue Slides Four Quarters Despite Record Open Interest

Hyperliquid, the decentralized derivatives platform, has seen its revenue decline for four consecutive quarters even as open interest reached an all-time high. The divergence is largely attributed to a fee-sharing program that redirects half of the platform's trading volume revenue to external builders. This arrangement has fueled growth in real-world asset perpetuals trading but at the cost of income that supports the HYPE token. The widening gap between trading activity and retained revenue raises questions about the long-term sustainability of HYPE's value backing.