Hyperliquid's perpetual contract trading volume over the past 30 days reached nearly $178 billion, with open interest surpassing $11 billion on July 13, hitting a new high for 2026. Among this, RWA perpetual contracts' open interest reached $3.6 billion this month, surpassing Bitcoin for the first time. From July 13 to 19, tokenized stocks and commodity contracts recorded a trading volume of $25 billion, accounting for 52% of the weekly volume. At the same time, Hyperliquid protocol's total revenue dropped from approximately $357 million in Q3 2025 to around $202 million in Q2 2026, marking four consecutive quarters of decline. The report states that HIP-3 allows developers to stake 500,000 HYPE tokens to deploy perpetual contract markets and earn up to half of the trading fees. Currently, these markets account for about half of Hyperliquid's perpetual contract trading volume. (CoinDesk) https://(wublock123.com)/news/hyperliquid-rwa-perpetual-volume-up-platform-revenue-fourth-quarter-drop-66220