HYPE Down 22% From September Peak as Hyperliquid's RWA Perps Share Falls to 26%

• —HYPE trades 22% below its $98 peak with $11 billion in open interest
• —Hyperliquid's RWA perps share fell from ~80% to 26%, with CEXs capturing 64%
• —Cumulative protocol revenue topped $1.4 billion, with 97–99% of fees funding HYPE buybacks
• —Only ~22% of max supply circulates, with vesting running through 2027–2028