There’s actually one $HYPE bear case I see very few people mention. The idea that Hyperliquid is close to maxing out retail taker flow onchain and that getting from 20% of Binance’s volume share to 50% will be a much harder path than getting from 0 to 20%. This is because Binance’s HFT and insty flow is much harder to attract without further latency decreases. This is mitigated by the fact that it is now far harder for every other competitor to get to Hyperliquid’s share. When HL launched there was a perp dex vacuum, $DYDX incentives had stopped and there was no other onchain product even close to as good as hl. Now the bar is Hyperliquid itself. So you’re basically betting on Jeff to optimize faster than other new optimized competitors can steal hl’s current activity. I’m willing to make that bet. But @GTE_XYZ and some others have a strong case.