38 Perp DEXs Generated $125M in User Fees Over 30 Days; Hyperliquid Took $84.55M

The fee concentration is the real story: a handful of venues capture nearly all perp DEX revenue, and Hyperliquid's dominance means its token-buyback-and-burn mechanics are effectively setting the tone for how rivals design their own value capture. Aster's near-total fee-to-buyback routing shows that playbook spreading. The more telling detail is the disconnect between HYPE holders and actual perp traders, which suggests token ownership is running well ahead of usage. Whether fee share keeps consolidating, and whether holder bases start matching trading activity, is the open question.