mooch labs

Hyperliquid is back to nearly 50% of total perps volume. After falling to ~25%, it's reclaimed a significant amount of volume from Lighter, Aster, and the other perp DEXs that launched token incentive programs over the last 6 months. HL is still a long way from the 80%+ market share they commanded near ATHs in summer 2025, but they have a clear path to growing market share (and overall perp volume) through RWA perps, which has consistently been 20-40% of Hyperliquid's total volume over the last month. Still a lot of incentive-driven perps volume in the market, so my hunch is Hyperliquid's real market share is actually higher than 50% today. But pairing this with recent catalysts: > HIP-3 + Trade[XYZ] outperformance + headlines > HIP-4 (binary outcome markets) imminent release > Revenue slowly creeping back up Means HYPE is a fundamentally compelling long again. Key metric to watch is supply weighted PE ratio (SWPE), which is great for timing and more accurate than vanilla PE given HL's aggresive buyback program. Its 13x today, up from 7.5x in February, primarily because revenue hasn't growth substantially relative to price. SWPE tends to lead HL revenue in growth/decline. So worth watching to judge whether HYPE is attractive during short periods of time.