Hyperliquid's 24-hour revenue has hit a new low, and CEX's trading volume has also declined significantly. Has the market been depressed to this extent? In the past 24 hours, Hyperliquid's transaction fee revenue has dropped to approximately $220000 to $240000, a decrease of about 68% from the previous day and a recent low As a comparison, Hyperliquid's daily average revenue over the past 601 days was approximately $2.08 million, with a historical peak of $9.1 million per day That is to say, the money earned in a day now is only about 10% of the long-term daily average level And the weakening of income is no longer just a daily fluctuation Over the past 7 days, Hyperliquid has accumulated revenue of approximately 7.1 million US dollars, a decrease of 14% compared to the previous 7 days; In the past 30 days, the revenue was approximately 35.92 million US dollars, a decrease of 25% compared to the previous period. Calculated based on the most recent 30 days, the annualized revenue is approximately 437 million US dollars Why is it suddenly so low? Firstly, these two days are weekends, so there must be some impact After the closure of traditional stock and commodity markets, although HIP-3 related markets can still be traded, external prices will stop updating, and market making depth and user participation will significantly decrease Stocks, indices, and commodities have become important sources of trading for Hyperliquid, so weekend earnings are usually lower than weekdays Secondly, the entire market does appear to have no desire to trade This time, the funds did not leave Hyperliquid alone Binance's BTC minute trading volume frequently drops to several thousand dollars, and in some periods, OKX even has only three digits. The market lacks direction and the volatility continues to contract. Traders are unwilling to open positions, and high-frequency funds have reduced activity. Both CEX and DEX have entered a low trading state Furthermore, the trading volume is being diverted by points and low fee activities Platforms such as Lighter and Variational attract users and market makers through points, zero fees, or new market incentives, and some short-term trading volumes that were originally kept on Hyperliquid have begun to migrate Especially in the stock and index markets, Lighter's recent SPY and QQQ trading volumes have significantly exceeded Hyperliquid's Finally, the newly added trading volume of Hyperliquid is already cheaper HIP-3 has contributed more than half of Hyperliquid's trading volume, but a large portion of the market is still in Growth Mode, with transaction fees only 10% of normal levels So even if the scale of HIP-3 transactions continues to expand, the revenue it brings cannot grow proportionally with native encrypted perpetual contracts However, although Hyperliquid's revenue has fallen to a recent low, HYPE remains strong The market has not yet understood the decline in revenue as a change in Hyperliquid fundamentals Moreover, after the next network upgrade, HIP-3 deployment providers can independently adjust rates for each market, and mature markets have the opportunity to gradually end the 10% subsidy; The development of USDC reserve income, HLP idle funds entering primary lending, as well as stock spot and portfolio margin, may also increase new sources of income No, have you all gone to see the cows? HYPE Hyperliquid DeFi