G published a 140 pages research paper on Hyperliquid, covering technical architecture, fee economics, ecosystem protocols, and valuation.

> The report centers on a single thesis: Hyperliquid isn’t competing within the CEX vs DeFi framework; it’s making that distinction irrelevant. $4T+ cumulative volume, $1B+ cumulative fees, expanding from crypto perps into RWA perpetuals and institutional settlement.

> The chart below, tracking HL perp volume as a percentage of each major CEX, reveals the same pattern across all three. HL’s volume share rises during volatility, corrects partially, then re-establishes at a higher floor. Bybit peaked at ~33% in Feb, pulled back to ~26%, then re-accelerated to 31.8%. What makes this notable is that HL’s CEX ratio kept climbing even as other DeFi perp protocols saw their volumes decline over the same period. This isn’t a rising tide lifting all boats. It points to HL’s position in the DeFi perp landscape becoming increasingly entrenched.