Compared fee revenue across the top 8 perp DEXs last month and the gap between Hyperliquid and everyone else is actually insane.

Analysis of fee revenue across top 8 perpetual DEXs shows Hyperliquid generating nearly 3x the fees of dYdX despite similar TVL, indicating higher per-user trading activity. Vertex shows the highest fee-to-TVL efficiency ratio at 2.35%, while GMX's low 0.50% ratio raises concerns about its revenue sustainability.