As @HyperliquidX becomes the leading venue for TradFi Perps, the volume of these assets will account for a big % of the total volume. It traded $1B+ of Silver futures in 24 hours, reached over 25% of total volume, and HIP-3 OI went from 2% to +12%. The opportunity is potentially bigger than crypto itself given the innovation and first-mover advantage: • Decentralized onchain settlement • 24/7 markets • Transparent and fair execution • Perpetual swaps instead of the old boring futures contracts with expiry. Because equities, commodities, FX, etc. aren’t necessarily correlated to crypto, $HYPE will start generating a large portion of fees even under low volume regimes in crypto. Thus potentially becoming uncorrelated as revenue is persistent over time. Imagine a crypto asset that can go up regardless of what BTC is doing because of its growth potential and revenue capture. A moment when a crypto product is valuable itself without a big dependency on the overall market. TradFi perps is equivalent to our DeFi 1.0 moment, and offers the highest potential of 2026 in our space. HYPE gave us $20 at P/E ≈ 10 just before the next growth story heats up. And it’s growth what really boosts prices higher.