Trevor Flipper

It's usually, here's our SDK.

If you want to integrate it, please go for it.

That is a good point.

And so, so hyperliquid, they, they charge the makers, they charge the takers, uh, various fees.

They have the traditional fear tiers, which you see most exchanges do, uh,

And NATO has it, Extended has it, and a lot of the other competitors have this tiered fear model for both makers and takers where Lider says, hey, takers, we just want you to trade on the platform.

And, you know, this incentivizes and brings in usually retail flow.

They're used to that zero fee model.

And so you see a lot of market orders instead of limit orders.

And the trade size on lighter tends to be a little bit smaller, indicative of retail users.

And this is quite advantageous for market makers because this is somewhat benign flow for them.

So they are willing to pay more in fees because they are more profitable per dollar traded against that type of flow.

Versus a hyperliquid where you might be trading, Jump might be trading against one of the other market makers, Winter Mew, and that's not a very advantageous trade for them.

Versus here, it's like, okay, I kind of know I'm trading against a lot of retail, so I can be quite profitable.

And so in order to do that, you charge your fees to the taker, the retail user, the front end user, and then market makers, you pay a little bit.

And their integration with Telegram has brought a lot of that retail flow in, which probably gives lighter some pricing power.

My speculation is I think over time, you'll see fees increase for makers over time on lighter.

I think they have some pricing power there just because market makers are so profitable trading.

It's this retail benign flow.

I see, I see.