Since Trade.xyz went live in October last year, the total trading volume on HL for oil, indices, and pre-IPO asset perpetual contracts has reached about $500B. That number is huge, but it’s still the same old question: how does trading volume translate into token value capture? If you can’t figure out what fees the platform charges, who the revenue goes to, whether users are trading repeatedly, how high the market-making costs are, and whether regulation might change the product structure, then even the biggest trading volume is only the platform’s prosperity—it has nothing to do with the users.