Post #2312

Hyperliquid weekly revenue dropping ~50% over six months lines up with a cooler derivatives cycle. Fees track activity, and volumes have clearly normalized after the peak periods earlier in the cycle. The key detail is that pricing and liquidity stayed competitive with top CEXs even as revenue fell. That suggests usage did not disappear, it became less aggressive and less levered. For the market, this is a reminder that DEX revenues are cyclical. Growth narratives hold, but cash flows still depend heavily on trader behavior and volatility.