# 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.

- Published: 2026-08-10T05:51:49.058Z
- Canonical: https://polylog.news/crypto/2026-08-10/hyperliquid-s-revenue-has-fallen-for-four-straight-quarters
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CoinDesk](https://www.coindesk.com/business/2026/08/09/hyperliquid-s-rwa-perps-boom-is-eating-into-the-revenue-that-backs-hype</source-url)

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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