the quiet upgrade that creates a hidden flywheel for $HYPE

Botblastcap argues Portfolio Margin transforms Hyperliquid from a perp dex into an onchain prime brokerage by unifying spot and perp balances, allowing traders to use HYPE as productive collateral rather than a speculative token. This shift increases capital efficiency for sophisticated users, driving stickier trading activity and fee generation while giving HYPE actual utility beyond emissions, though current caps and eligibility requirements still limit scope.