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Morning Edition · Monday, August 10, 2026Published at 1:51 AM EDT · New York
Hyperliquid's Revenue Has Fallen for Four Straight Quarters While Its Open Interest Rose
A fee-sharing arrangement now routes about half the platform's volume through outside builders, diverting the revenue that funds buybacks of the HYPE token.
Hyperliquid has become one of the few crypto applications with unambiguous product-market fit, and it is demonstrating that usage and value accrual are separate variables. CoinDesk reports platform revenue has declined four quarters running…
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