Key facts
- Hyperliquid's open interest has surged to over $11 billion.
- Real-world asset perpetuals are driving significant volume on Hyperliquid.
- Hyperliquid's gross revenue has declined 43% from its peak.
- A new proposal allows builders to capture up to half of trading fees.
- The fee-sharing mechanism impacts Hyperliquid's revenue.
Hyperliquid has experienced a significant surge in open interest, now exceeding $11 billion. This growth is primarily driven by the increasing popularity and volume of perpetual contracts based on real-world assets (RWAs). Despite the substantial increase in trading activity and open interest, the platform's gross revenue has seen a notable decline. Specifically, gross revenue has dropped by 43% from its highest point. This reduction in revenue is a direct consequence of a recently introduced proposal. This proposal allows builders on the Hyperliquid platform to capture a substantial portion of the trading fees, up to 50%. The shift in fee distribution means that a larger share of the revenue generated from trading is now being directed to the developers and builders of applications on Hyperliquid, rather than accruing to the platform itself.