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.

According to KookCapitalLLC, traders are closely watching how much trading volume Hyperliquid will capture from Binance in 2024. On-chain data from DeFiLlama and CoinGecko (as referenced by @KookCapitalLLC, June 19, 2025) show that Hyperliquid has recently reached over $2 billion in daily derivatives volume, compared to Binance’s $60 billion daily average. While Hyperliquid's market share remains below 5% of Binance’s, its double-digit month-over-month growth rate suggests increasing competition in the crypto derivatives sector. This trend could lead to tighter spreads and more aggressive trading incentives across platforms, directly impacting BTC and ETH perpetuals liquidity. Traders should monitor volume shifts as significant changes could affect price discovery and volatility in the broader crypto market. Source: DeFiLlama, CoinGecko, @KookCapitalLLC.