According to CoinMeta, the trading volume of the RWA perpetual contracts of Hyperliquid has surged, affecting the revenue generated from its support for HYPE. On July 13th, the total value of leveraged positions for Hyperliquid exceeded $11 billion for the first time, setting a new high for 2026, with the trading volume of perpetual contracts in the past 30 days approaching $178 billion. Despite the increase in trading volume, the revenue of Hyperliquid has continued to decline, with total revenue for the second quarter of 2026 being approximately $202 million, which is a 43% decrease from $357 million in the third quarter of 2025. Meanwhile, the open interest for the RWA perpetual contracts of Hyperliquid reached $3.6 billion this month, surpassing Bitcoin to become the platform's largest market.