
There are now four different venues generating $1M+ per month in fees just by routing traffic to @HyperliquidX Yet the differences are pretty striking: @Rabby_io had $2.1B volume with $412K fees @MetaMask had $1.9B volume, but with $1.7M fees So less volume, but 4x the fees. Effective take rate (fees ÷ volume): Trust Wallet 9.5 bps MetaMask 9.1 Phantom 5.0 Fomo 4.4 Rabby 2.0 Same exchange, same orderbook, yet the app you trade from can cost you 4x more. The market continues to demonstrate that convenience has pricing power and users will pay a premium to trade where they already are.
