Hyperliquid has turned the 'millisecond advantage' of high-frequency trading into a business generating tens of millions of dollars annually. Traders pay HYPE to gain priority access to data and order execution. This priority fee has already brought in over $5 million in revenue, and based on recent levels, the annualized value capture could exceed $30 million. At the same time, it burns HYPE and reduces circulating supply. The trade-off is also clear: capital advantages are increasingly being converted into speed advantages. Balancing efficiency with fairness in trading will be a long-term challenge.