Hyperliquid’s Open Interest Leadership Faces 2026 Challenge From Zero-Fee Rivals

TLDR: Hyperliquid controls one-third of trading flow through builder codes but faces zero-fee competition Traditional builder economics force integrators to charge 4bps when protocols mandate 3bps baseline fees Paradex and Lighter launch revenue-sharing models allowing builders to bypass mandatory fee structures Polymarket assigns 28% probability to Hyperliquid losing OI leadership position during 2026 calendar year  [...]

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