The decentralized exchange's open interest hit a record $11 billion on July 13, with perpetual futures volume reaching nearly $178 billion over the past 30 days. However, gross protocol revenue has continuously declined from a peak of $357 million in Q3 2025 to $202 million in Q2 2026. This is largely due to its Hyperliquid Improvement Proposal (HIP-3) fee-sharing program, launched in October 2025, which allows external builders to deploy markets and retain up to half of the trading fees. These builder-deployed markets now account for roughly half of Hyperliquid's perp volume. Real-world asset (RWA) perps, listed by these builders, have seen significant growth, reaching a record $3.6 billion in open interest this month and surpassing Bitcoin as the platform's largest market by this measure.