400K wallets just got rekt for $280M on Hyperliquid through wallet app integrations.
The real killer? Builder fees + high-frequency churn are bleeding retail harder than actual PnL losses. Fee drag literally exceeding trading losses.
This isn't sustainable growth — it's a user acquisition meat grinder. Pure churn-and-burn model with zero retention.
Retail perp trading is broken. You're not the customer, you're the exit liquidity.
$HYPE
The real killer? Builder fees + high-frequency churn are bleeding retail harder than actual PnL losses. Fee drag literally exceeding trading losses.
This isn't sustainable growth — it's a user acquisition meat grinder. Pure churn-and-burn model with zero retention.
Retail perp trading is broken. You're not the customer, you're the exit liquidity.
$HYPE