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Hyperliquid is evolving beyond a pure trading platform as its core monetization continues to cool. Q2 trading revenue is down 49% from the Q3’25 peak, while 7-day fees are running about 13% below the 30-day average, even with the builder share reaching 12%. At current levels, $HYPE trades around 16× trailing holder revenue and roughly 30× based on the latest run rate. At this point, further rerating likely depends on one thing: a clear reacceleration in revenue and activity. #PayrollsDropCPIFocus #AIMemoryStressTest #SpaceXUnlockRebound