Onchain perpetuals DEX with native order book and custom L1. Fee capture ranks with top CEXs despite being a single application.
Filtered: On-chain
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.
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.
Robin analyzes HL's Priority Fee as 'the third path' vs TradFi's approaches to HFT: IEX added a 350μs speed bump (killed liquidity), NYSE/CME built bigger colocation facilities (rent extraction). Hyperliquid instead routes the HFT arms-race spend (BIS estimates $5B/yr extracted globally) back into the protocol and burns it as $HYPE. Two fee types: Gossip Priority (info edge, Dutch auction) and Order Priority (execution edge, IOC fees). Protects makers, forces takers to pay — every competitive dollar becomes HYPE burn pressure.