Trevor Flipper

Yeah, I think it's also important to realize there that I think a lot of people when they see zero fees, it's like, okay, if you're not paying fees, you're usually the thing being sold.

I think this is wrong in this context because

As a retail user, I generally speaking get better pricing because market makers want to trade against retail flow.

So they'll quote tighter.

And so spreads tend to be somewhat tighter.

And so as a retail user, I get better fills.

My total execution cost is cheaper than if I used another venue.

And a market maker, I'm excited to quote tighter than I usually would elsewhere because I know it's profitable.

And then the exchange, they still make money because they're able to charge the market maker.

So like the three parties here, the retail, the market maker, and the exchange, they're all happy here.

There's one side's not getting screwed in a way here.

They're not getting the short stick, if you will.

Yeah, I think I would just add to like, why doesn't Hyperliquid go zero fees?

I think Will kind of touched on it.

It's like, why would you compress your own margins?

Like you don't need to yet.

You wait till the competitor does that.

And I think you started to see some people get somewhat concerned about that pre-TG just because volumes were such a large percent of PERT volumes.

And now that's kind of faded and that's not less of a worry there.

But I think you are starting to see some of the fee compression in this space.