hyperliquid hit 8.7% of all perpetual open interest across CEXs and DEXs combined. $4.3b+ OI. $1.3b annualized protocol fees at current volume, 100% distributed to HYPE stakers. 8-10x P/F ratio. jump, wintermute, and GSR are running dedicated market-making wallets on chain. 29 validators include the biggest trading firms in crypto. DEX spot crossed 8% market share in 2020 and never gave it back. hyperliquid just did the same thing for perpetuals. the question isn't whether traders migrate off CEXs. it's how fast the remaining 91% of OI reprices the venue risk they're sitting on