Hyperliquid has bought and burned $933M of HYPE since June 2025, against $965M of revenue. But the revenue mix is changing. Hyperliquid now earns 42% less per dollar traded than a year ago as crypto perpetual volume has fallen and HIP-3 has grown. HIP-3 went from 0% of volume in September 2025 to 51% in July 2026. But that volume is far less valuable for Hyperliquid. In July: → Crypto: $34.3M revenue on $109B volume → HIP-3: $4.1M revenue on $115B volume HIP-3 generated more volume than crypto, but nearly 90% less revenue for Hyperliquid. To return to previous revenue peaks, Hyperliquid needs either a recovery in crypto trading or dramatically more HIP-3 volume. Its next phase of growth increasingly depends on how large HIP-3 can become.