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So hyperliquid:native has been doing roughly 2m per day in fees from perps, in a bear market. However there was a change this past week that I haven't really seen covered so much and thats priority fees on orders that went live this week. Priority fees already hit over 150k in a day yesterday. Its not something you or I would use but for mm's/arb I think it's fair to assume this will be a new mechanism that will likely end up burning 250k per day in hype as it scales further. Linked a tweet that explains it better below. This 250k is on top of what they are already generating and without the 500k+ a day from aqav2 which will begin later in the year. Combined = 750k+ a day of new buys, daily. In any given day, that's not a big deal. It would be like working out and expecting to see results that day. The effects are time based, you see the gains in the price appreciation over a year. Just like building muscle. Hype continues to find ways to generate more profits, that aren't all tied into crypto. For example, most these fees likely came from the tradfi side for spcx trading in terms of priority fees. https://t.co/y10ybks3nB