The fee structure of perpetual DEXs reveals the fundamental differences in market competition.

The comparison of take rates between Hyperliquid and Lighter clearly illustrates the point—HL's trading fee monetization capability is 10 times that of Lighter. This is not just a numerical difference; it reflects a significant disparity in pricing power.

In the increasingly homogeneous competition within the perpetual DEX track, purely rate-based tactics often only address surface issues rather than the root cause. True moat comes from product strength. Without obvious functional differences, relying solely on lowering fees is unsustainable. Projects that can maintain high fee levels demonstrate excellence in liquidity depth, trading experience, or ecosystem attractiveness.

This indicator is worth paying attention to—it is a measure of the true competitiveness of a DEX.