Hyperliquid RWA 永续合约激增，侵蚀支撑 HYPE 的收入
收入已连续四个季度下滑，而未平仓合约创历史新高。差距源于费用分成计划——平台将一半成交量分配给外部建设者。
Hyperliquid’s RWA perps boom is eating into the revenue that backs HYPE
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.