Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE

AI Summary 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. fulltext: 171 chars | fulltext source: rss-fallback | summary method: extractive Original: https://www.coindesk.com/business/2026/08/09/hyperliquid-s-rwa-perps-boom-is-eating-into-the-revenue-that-backs-hype Source: CoinDesk