The "TradFi perps replace crypto perps" thesis has one major bottleneck. Hyperliquid buybacks are still funded primarily by crypto perp fees. TradFi perps, meanwhile, are in growth mode with a 90% fee discount. The problem? Remove that discount and they stop being competitive. Example: $1M TSLA futures round trip via IB + CME: ~$54. $1M on tradeXYZ today: ~$30–90 (maker/taker dependent). Current pricing is already in the same ballpark as TradFi. Now make those fees 10x higher... how much volume survives? That's why I'm not convinced that a mass migration from crypto perps to equity/commodity perps is automatically bullish for hyperliquid:native valuation.
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