Hyperliquid's model is reshaping expectations for perpetual DEXes. Competitors now face real pressure: either commit to substantial token airdrops and deploy meaningful portions—ideally all—of protocol fees toward token buybacks, or risk losing users to a more incentivized alternative.

Without these mechanisms, holding tokens from VC-backed protocols becomes harder to justify. Generic buyback programs and questionable tokenomics simply can't compete when HYPE offers demonstrable value capture. The market is signaling clearly: sustainable incentive structures matter more than promises. Perp DEXes that ignore this shift will find themselves increasingly irrelevant.