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M.Mamoon Khan
Hyperliquid’s open interest hit $11B, but revenue has dropped for 4 straight quarters.
Revenue sharing via HIP‑3 and RWA perps shifted fees to external developers, cutting platform income.
HYPE token buybacks shrank, price fell ~28% from June highs, raising concerns over sustainability.
Will Hyperliquid’s growth in RWA perps outweigh its shrinking revenue base?
