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drift's $285m exploit freed up ~$775m in weekly solana perps volume. 70% already migrated to hyperliquid. phoenix (ellipsis labs, $44m paradigm/electric series A) is fighting for the remaining 30% with 0.005%/0.035% fees, 7x cheaper than hyperliquid. sounds like a winner until you check orderbook depth. hyperliquid has 10-100x more liquidity at every price level. fees save you $550 per $1m traded. slippage on a thin book costs you multiples of that. if you're running sub-$100k positions on solana and don't want bridge risk, phoenix is the rational venue. if you're sizing up past that, the fee discount is a rounding error next to the spread. no token yet so you can't trade the narrative directly. but the broader lesson from every perps war in crypto history is the same. liquidity compounds and fees compress. you need to go read the intelligent investor by benjamin graham if you think a 7x fee advantage beats a 100x liquidity gap.

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