The Perp DEX Bill: Hyperliquid's Fee Stack, Funding Math, and Where Traders Get Rekt at $63K Bitcoin
Hyperliquid's real pitch isn't decentralization — it's the cost structure plus custody. We break down the fee stack that makes on-chain perps competitive with CEXs, how funding behaves when a crowd is wrong, and the liquidation gap most CEX traders don't see coming.