Revenue has fallen four quarters running while open interest hit a record high. The gap is a fee-sharing program that hands half the platform's volume to outside builders. Hyperliquid has never traded more contracts, and it has never kept a smaller share of the money those contracts earn Open interest, the total value of leveraged positions traders hold at one time, climbed to just above $11 billion on July 13, the platform's highest in 2026. Hyperliquid’s perpetual futures volume ove…
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