Yang argues Hyperliquid's priority fees update will substantially reshape market structure by disadvantaging latency-focused market makers like Alber Blanc and Pinely who currently dominate the exchange.
Perp Trading tokens
3 takes
All takes are our summaries. Tap View on Xfor the analyst's original words.
29% of directional Hyperliquid native frontend traders are profitable. Builder app users do worse.
Hydromancer pulled all HL perp trades Aug 2025–Apr 2026 and filtered out market makers + delta-neutral farmers. 29% of native-frontend users are profitable over the period; builder-app users materially worse. Useful baseline for anyone allocating through a vault or copy-trading — most users lose money, and the venue/frontend materially affects the outcome.
Are TradeXYZ users real or airdrop farmers?
Donovan analyzes 224K wallets that traded TradeXYZ markets between Oct 2025 and Apr 2026. 47% had zero prior Hyperliquid activity — a sybil signal. But trade-size distribution is mixed, and the largest user spikes map onto the Strait of Hormuz crisis (93% of the March surge traded $CL crude oil) — organic geopolitical trading, not coordinated farming. The decisive signal is frequency: median xyz-only wallet made 2 trades on 1 day then went dormant; 78% inactive within a week vs. multi-market wallets' median 144 trades over 69 days. Read: meaningful sybil activity in the user count, but a real organic long tail underneath.