Thinking about this a bit, I doubt growth mode ends anytime soon.
TradFi perps are still early, and liquidity begets liquidity. It's far more valuable for TradeXYZ / HL to keep expanding their lead than to risk losing flow to cheaper venues at this stage.
Even if growth mode eventually ends, don't think the 9bps standard rate is ever back on the table.
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TradeXYZ has now flipped Hyperliquid’s native markets in daily perp volume for a third consecutive day.
TradeXYZ markets are still in growth mode, meaning all-in fees discounted ≥90% (0.9bps base taker vs 9bps standard), split 50/50 with Hyperliquid.
Has anyone modeled the incremental HL revenue once growth mode ends? Wonder how much of this flow survives a 10x increase in fees.
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