Invo users put $12.4M into Hyperliquid perps and traded $5.8B with it. By our math, every deposited dollar was traded about 468 times.
The figures come from Hyperdash co-founder Hanson Birringer, who tracked about 400,000 wallets trading Hyperliquid perps through six apps: Phantom, MetaMask, Rabby, Trust Wallet, Invo and fomo. Together those wallets are down $280M all-time. Of the $126M lost through the apps since Nov 10, 2025, slightly more than half went to fees, so over $63M.
Each app adds its own builder fee on top of Hyperliquid's base fee, so a $100 order costs between 6.5 and 14.5 cents. Run Invo's $5.8B through that range and the fee bill comes to roughly $3.8M to $8.4M, or 30% to 68% of what its users deposited. At that pace, a typical $50 account trades about $23,400 and pays $15 to $34 in fees before any trade wins or loses.
BTC was close to half the volume through these apps, and on BTC the fees alone were bigger than what users made on the trades they closed. Only about one in seven new traders was still trading three months later.
The apps get paid on every fill. At Invo's turnover, fees alone can take up to two-thirds of the deposit.
$BTC
#Hyperliquid #CryptoTrading
NFA. DYOR.
The figures come from Hyperdash co-founder Hanson Birringer, who tracked about 400,000 wallets trading Hyperliquid perps through six apps: Phantom, MetaMask, Rabby, Trust Wallet, Invo and fomo. Together those wallets are down $280M all-time. Of the $126M lost through the apps since Nov 10, 2025, slightly more than half went to fees, so over $63M.
Each app adds its own builder fee on top of Hyperliquid's base fee, so a $100 order costs between 6.5 and 14.5 cents. Run Invo's $5.8B through that range and the fee bill comes to roughly $3.8M to $8.4M, or 30% to 68% of what its users deposited. At that pace, a typical $50 account trades about $23,400 and pays $15 to $34 in fees before any trade wins or loses.
BTC was close to half the volume through these apps, and on BTC the fees alone were bigger than what users made on the trades they closed. Only about one in seven new traders was still trading three months later.
The apps get paid on every fill. At Invo's turnover, fees alone can take up to two-thirds of the deposit.
$BTC
#Hyperliquid #CryptoTrading
NFA. DYOR.