Wrote about Hyperliquid's oil perp volume during the war. Here is what the $HYPE token price is not reflecting yet. --------------------------------------------------------- Hyperliquid is generating near record revenue. Its token is down ~40% from its all time high. Here is what the on chain data actually shows right now: ✅ Total protocol revenue approaching $1B all time. Annualized run rate above $600M ✅ Total trading volume crossed $3.64 trillion. An all time high ✅ HIP 3 open interest hit $1.82B during the conflict. An all time high ✅ Total supply down to 962M from the original 1B hard cap. The protocol is buying and burning every single day automatically ✅ JPMorgan published a research note specifically about Hyperliquid's oil perp volume. Harvard Business School wrote a case study. Three spot ETF filings are pending ✅ $HYPE is trading at $35. Its all time high was $59 in September 2025 The gap between what the protocol is doing and what the token is priced at is the entire argument. Revenue is compounding. Supply is shrinking. Institutional validation is accelerating. The price is 40% below where it was before most of this happened. Markets reprice eventually. The fundamentals give them a reason to. Follow if you're trying to actually understand this space.