Phantom Perps launched ~1 week ago and has been a resounding success. Phantom has accumulated ~$267k in fees since launching, with Hyperliquid receiving a similar amount as well. These fees are almost certainly all additive (10k+ new users), and they are also accelerating, with ~$81k fees accrued in the last day. I expect daily Phantom fees to reach $500k/day in short order -- $500k more free cash flow per day that Hyperliquid did not have before I really don't think anyone understands how big of an integration this is and the potential for what is coming Phantom has > 15 million monthly active users. It is quite possibly the single best front end distribution platform in all of crypto. They are an all-star team with a sleek UI and chose to work with Hyperliquid to integrate perps. Not only that, but they nailed it. The product is great (go try it) Over time, this distribution network will onboard hundreds of thousands of users, expanding the platform and bringing in plenty of new fees Further, Phantom has publicly stated that this is just the beginning, and that the perps integration represents a larger commitment to Hyperliquid. I expect many more features to be rolled out. The obvious ones are HyperEVM integration and spot trading $HYPE currently has just 146,400 holders. Solana by comparison has >10 million holders If Phantom integrates spot trading and allows users to buy $HYPE, it will be one of the single biggest unlocks in terms of accessibility. It is still very hard to buy $HYPE for the average retailer, and I cannot express how important token distribution is for price action and ultimately valuation / token price Phantom is completely aligned as well, given they will make 50% or more of any fees accrued. This type of alignment is only possible because of the selfless, scalable design of builder codes Phantom <> Hyperliquid will be a partnership for the history books Hyperliquid