Around 400,000 wallets connected to Hyperliquid Perps through Phantom and MetaMask, with cumulative losses of about $280 million.
According to figures circulating on X on the evening of October 19, Phantom users lost around $100 million and paid about $29.6 million in fees, while MetaMask users lost around $74 million. 90-day retention appears to be only about 1/7, and the platform generates roughly $2 million in daily revenue. CoinGecko spot HYPE was around $79.90, up about 1.1% over 24 hours (snapshot at approximately 18:05 Beijing time).
I think how frictionless the entry point is raises the cost of trial and error. Many users lose money, few stick around, and the platform still collects fees—this isn’t just a leverage story.
I’m watching two things. If retention rises significantly from 1/7, I’ll reduce the weight I assign to entry-point friction. If spot falls below $75 on rising volume, I’ll consider this round of entry-driven gains to be cooling off.
Do you think this is a one-off friction issue, or will it weigh on HYPE’s valuation? I’m inclined to watch retention first, and price second.
$HYPE $BTC $ETH
#Hyperliquid #PerpetualContracts
According to figures circulating on X on the evening of October 19, Phantom users lost around $100 million and paid about $29.6 million in fees, while MetaMask users lost around $74 million. 90-day retention appears to be only about 1/7, and the platform generates roughly $2 million in daily revenue. CoinGecko spot HYPE was around $79.90, up about 1.1% over 24 hours (snapshot at approximately 18:05 Beijing time).
I think how frictionless the entry point is raises the cost of trial and error. Many users lose money, few stick around, and the platform still collects fees—this isn’t just a leverage story.
I’m watching two things. If retention rises significantly from 1/7, I’ll reduce the weight I assign to entry-point friction. If spot falls below $75 on rising volume, I’ll consider this round of entry-driven gains to be cooling off.
Do you think this is a one-off friction issue, or will it weigh on HYPE’s valuation? I’m inclined to watch retention first, and price second.
$HYPE $BTC $ETH
#Hyperliquid #PerpetualContracts