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$HYPE is literally a free trade at these prices, and it's clear as day given their current performance:
- Captures over 75% of the perp DEX market.
- Steadily collects $1–3M in daily fees even in this weak market, with annualized revenue around $800M.
- 97–99% of protocol revenue goes to $HYPE buybacks and burns.
- HIP-3 lets builders launch their own perp markets by staking $HYPE and they earn up to half the trading fees. Locking tokens while creating more revenue.
- Upcoming HIP-4 will add options, outcome markets, and other derivatives, which will solidify Hyperliquid's position as a core