38 perp DEXs generated $125M in 30-day fees, Hyperliquid took $84.55M
- —Hyperliquid's $84.55M accounted for roughly 68% of the $125M total
- —Top five perp DEXs captured 85.6% of all fees over 30 days
- —Foresight Ventures: fee payers and token holders are largely different groups
- —Aster spends 99% of daily platform fees on ASTER buybacks and veASTER rewards
Why it matters: Fees are the clearest gauge of real perp DEX demand, yet the link between fee revenue and tokenholder value remains weak.
Source: TokenPost