According to CoinMeta, the trading volume of perpetual contracts for Hyperliquid in the past 30 days approached 178 billion US dollars, and the open interest exceeded 11 billion US dollars on July 13, setting a new high for 2026. Among them, the open interest of RWA perpetual contracts reached 3.6 billion US dollars this month, surpassing that of Bitcoin for the first time. From July 13 to 19, the trading volume of tokenized stocks and commodity contracts amounted to 25 billion US dollars, accounting for 52% of the weekly trading volume. Meanwhile, the total revenue of the Hyperliquid protocol decreased from approximately 357 million US dollars in the third quarter of 2025 to about 202 million US dollars in the second quarter of 2026, showing a decline for four consecutive quarters. The report states that HIP-3 allows developers who stake 500,000 HYPE to deploy perpetual contract markets and earn up to half of the transaction fees. Currently, these related markets account for about half of the trading volume of Hyperliquid perpetual contracts.