market down. $800m liquidated. $hype up 15% in last 30d. that divergence isn’t narrative. it’s mechanical. when volatility spikes, activity compresses into a single surface. ➤ volume accelerates ➤ fees expand ➤ revenue is realized instantly @HyperliquidX isn’t an exchange sitting on top of a chain. it is the chain. execution, liquidity, and settlement collapse into one loop. in stress phases, capital doesn’t want optionality. it wants immediacy. general-purpose L1s lose throughput when risk comes off. chains that are the application absorb it. price action is secondary. behavior under load is the signal. if this holds while $btc retests lows, market is repricing what “infrastructure” means.

lol that's the only $HYPE atm