#稳定币市场发展 Seeing this set of data from Hyperliquid, I have some thoughts I want to share with everyone.

The perpetual contract trading volume of $205.6 billion has generated only $80.3 million in fees — a realization rate of 3.9 basis points. This comparison is indeed quite striking. With the same trading scale, Coinbase can earn 35.5 basis points, and Robinhood is also at 33.5 basis points. The gap is not just in numbers; it reflects two completely different business models behind them.

What I want to remind everyone most is: exchanges and brokers may both seem to be doing "trading," but their profit logic differs greatly. Brokers control customer relationships, account balances, financing and lending, subscription services — their monetization dimensions are broad; exchanges essentially provide execution matching — in a competitive environment, this service will be continuously underpriced.

Hyperliquid's current predicament is actually a self-chosen one. By dispersing distribution rights through Builder Codes and HIP-3, it has indeed fostered a thriving ecosystem (one-third of users use third-party frontends), but the cost is that third-party frontends will in turn lower overall fee rates, control user relationships, and even gain cross-platform routing rights. By then, the exchange will become a low-margin wholesale clearing channel.

The recent USDH and full-margin actions are actually attempts to fill this gap — shifting from purely trading fees to balance and financing income. This approach is correct; however, how much determination and effort are put into this shift remains to be seen.

For us prudent investors, this case offers a deep lesson: no matter which platform you're on, you must understand your true costs clearly. Sometimes the apparent low fee rate is deceptive, but if the platform loses its ability to generate revenue, its long-term stability and innovation capacity will be affected. Choosing trading infrastructure with clear and sustainable business models is crucial for the safety of long-term asset allocation.