Hyperliquid hits $11 billion July open interest as protocol revenue falls to about $202 million in Q2 2026
AI Market Summary
Hyperliquid is posting record perpetuals activity (July open interest >$11B; ~9% of global OI) and rapidly scaling RWA-linked perps, but protocol revenue has fallen for four straight quarters as HIP-3 builder markets now capture roughly half of trading fees. With ~97% of fees feeding a buyback fund, shrinking revenue is already reducing HYPE repurchases, weakening the token's core value-capture narrative despite platform growth.
Impact level
● High
Affected assets
HYPE/USDT-1.66%
AI Insight · HYPE/USDTAI Insight
▼ Bearish
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Hyperliquid’s open interest rose above $11 billion in July, the highest level this year, while 30-day perpetual futures volume neared $178 billion. The platform accounts for roughly 9% of global perpetual futures open interest, according to a report. Even so, protocol revenue has declined for four consecutive quarters, sliding from a $357 million peak in Q3 2025 to about $202 million in Q2 2026. The drop has reduced funds available for HYPE token buybacks.
