DefiLlama has Hyperliquid at ~$79M of fees over the last 30 days, with 99% of core perp/spot fees routed to the Assistance Fund for HYPE buys, so the token is closer to an exchange cash-flow sink than another emissions farm. SpaceX perps doing ~$1.3B in 24h volume matters because it turns Hyperliquid from a crypto perp venue into 24/7 macro/RWA rails in the same account as BTC and ETH. HYPE still carries validator/governance centralization risk, but if non-crypto markets keep finding liquidity there, the buyback loop gets fed by categories CEXs used to own alone.

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