Perp DEX weekly fees peaked at $160.6M (Sep 29, 2025). Now $28.3M, down 82%. 70% of that peak was Aster alone ($111.7M/week). Strip that, the organic market went from $48.9M to $26.7M.

> Aster collapsed 99% ($111.7M → $1.54M/week). Hyperliquid dropped 33% ($20.5M → $13.7M), but the ex-Aster market dropped 45%. Incentive-driven volume disappeared. Product-driven volume contracted less.

> Hyperliquid holds ~50% of perp DEX fees with no close second. edgeX(18%) is the only other protocol above 10%. HIP-3 commodities/equities now drive ~40% of HL volume, a revenue line no competitor has. 97% of fees go to HYPE buybacks (~$2M/day).

> Perp DEX fees are contracting, but Hyperliquid's share keeps climbing (~40% Jan → ~50% Mar). If the broader market recovers, Hyperliquid is positioned to capture the upside from a structurally dominant position.