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Hyperliquid slides out of the top 5 DeFi protocols by 24-hour revenue according to DefiLlama data. The derivatives-focused platform, which had been gaining traction in the perpetual futures space, now ranks below the leading protocols. This shift reflects ongoing competition in the DeFi revenue rankings, where market conditions and trading volume directly impact protocol earnings. Traders monitoring DeFi performance metrics should keep an eye on whether Hyperliquid can reclaim its position among the higher-revenue generators.