According to @KookCapitalLLC, Hyperliquid is still dominating protocol fee generation and they signaled $100+ coming in a post dated Aug 10, 2025. Source: Twitter/@KookCapitalLLC. Sustained leadership in on-chain fees typically corresponds to higher user activity, trading volume, and liquidity depth on a DEX, which can support tighter spreads and deeper markets. Source: Token Terminal metrics methodology. Before positioning, traders can validate fee share and revenue trends for Hyperliquid versus perpetual DEX peers using public dashboards. Source: DeFiLlama Fees and Revenue. Key trading checks include 24h and 7d fees, open interest, funding rates, and volume concentration on Hyperliquid relative to sector benchmarks. Sources: Hyperliquid analytics; Coinalyze derivatives data.