According to BlockBeats, on August 10th, while Hyperliquid's trading activity continued to grow, its protocol revenue continued to decline. On July 13th, its open interest rose to slightly over $11 billion, a new high for 2026; perpetual contract trading volume over the past 30 days approached $178 billion, currently accounting for approximately 9% of global perpetual contract open interest. Meanwhile, DefiLlama data shows that its total protocol revenue has been declining since peaking at approximately $357 million in the third quarter of 2025, falling to approximately $202 million in the second quarter of 2026, a 43% decrease from its peak.

The revenue decline is related to the expansion of the HIP-3 market. Starting in October 2025, developers staking 500,000 HYPE tokens can deploy their own perpetual contract markets on the Hyperliquid order book and retain up to 50% of trading fees. At the beginning of this year, such markets accounted for only about 2% of the platform's perpetual contract trading volume, but this has now risen to about half. During the same period, Hyperliquid's cost of revenue as a percentage of total revenue also increased from less than 6% in the second quarter of 2025 to 18% a year later.

The fastest growing sector was RWA perpetual contracts. Contracts related to unlisted companies such as crude oil, gold, Nvidia, Tesla, the Nasdaq 100 index, and SpaceX saw a record $3.6 billion in open interest this month, surpassing Bitcoin to become the platform's largest market. From July 13th to 19th, tokenized stocks and commodities trading volume reached $25 billion, accounting for 52% of the total trading volume that week, exceeding crypto perpetual contracts for the first time. However, Trade.xyz accounts for over 90% of all HIP-3 open interest, making the platform highly dependent on a single deployer for new trading activity.

Approximately 97% of Hyperliquid's trading fees go into the Assistance Fund, used to buy and burn HYPE tokens on the open market, resulting in a cumulative reduction of about 44.5 million tokens in supply. However, as revenue declines, the buyback program has decreased from nearly $290 million in Q3 2025 to approximately $149 million in Q2 2026. Meanwhile, nearly 10 million HYPE tokens were unlocked to core contributors on August 6th, worth approximately $550 million at the time, and similar monthly unlocks will continue until 2027. If the revenue growth of approximately $45 million in the first four weeks of Q3 continues, total revenue for the quarter may be around $150 million, potentially marking the fourth consecutive quarter of decline.

According to BlockBeats, a new report from SemiAnalysis on August 10th indicates that after evaluating all suitable SpaceX sites and available gas-fired power generation facilities, the agency believes that SpaceX's goal of adding more than 10GW of computing power by the end of 2027 is feasible. Elon Musk previously stated at SpaceX's first earnings call that the company's "conservative" target is to build and deliver 6 to 8GW of incremental computing power in 2027 alone, with potential upside to exceed 10GW. Based on approximately $50 billion in capital expenditure per GW, this translates to $300 billion to $500 billion in capital expenditure in 2027.

SemiAnalysis believes that the high profit margins of AI inference are a significant driver of the expanding demand for computing power. Their model shows that OpenAI and Anthropic can generate over $100 billion in revenue annually per GW when providing API inference services on the GB300 cluster; based on a rental price of $3 per GPU per hour, the annual cost per GW is approximately $12 billion, with inference gross margins exceeding 60%, and some flagship models exceeding 85%.

Microsoft's computing power shortfall could translate into substantial orders for SpaceX. SemiAnalysis estimates that the $250 billion Infrastructure-as-a-Service agreement Microsoft signed with OpenAI in October 2025 corresponds to approximately 7GW of computing power, and notes that Microsoft has already signed over 10GW of binding contracts this year through leasing, self-construction, and long-term power purchase agreements. The firm believes that a 3GW computing power contract worth approximately $150 billion between Microsoft and SpaceX is "not impossible," partly because SpaceX offers a 90-day cancellation clause, thus mitigating Microsoft's financial risk.

The report also points out that SpaceX's advantage lies in its rapid construction of computing infrastructure. For example, the 300MW Colossus 1 facility was built in 122 days, and the Southaven power plant's capacity expanded from approximately 495MW to 1.7GW within months. SemiAnalysis predicts that if half of SpaceX's new computing power in 2027 is used for commercial inference, and the remainder for training the Grok and Cursor teams, the company's annual recurring revenue could reach $300 billion by the end of 2027.