A friend wanted to invest in HYPE, so I made a quick analysis. Sharing here, if it's useful to someone (NFA, DYOR) : pros - 1.⁠ ⁠it’s rare and usually a great sign when in bear and bad times something grows (in price or rev). This was great indicator over past many years. E.g. Ethereum ICO has raised the 2nd biggest internet crowdfunding in 2014 bear market. 2. they do smart regulatory arbitrage cons- 1.⁠ ⁠every 2y you have a perp exchange. Started with DyDX, was replaced by GMX, was replaced by Hyperliquid. Why would someone not replace Hyperliquid again? 2.⁠ ⁠their customer base is less-sticky. Gamblers loose money and go away, whales centralize wealth and move elsewhere. Trader customer base is harder to retain. 3.⁠ ⁠they are just now running into scaling bottlenecks, bc they want to truly sell themselves as Binance contender, but it will be impossible due to their decentralized nature 4.⁠ ⁠numbers can lie, the price of HYPE might be manipulated as it originated and most volume is done on Hyperliquid itself. 5.⁠ ⁠⁠Numbers are lying about their liquidity depth, they’ve implemented preferential cancels, where you can super easily spoof limit orders, and then just post cancel when you see something happening against you. It’s easier to fake/spoof limits Conclusion: the overal makes me actually neutral, with sometimes leaning slightly negative, which makes me too un-excited or lazy to move finger and funds to invest, therefore not investing