lighter burns $18 per $1m btc perp volume. hyperliquid burns $467. founders fund and robinhood vcs just backed lighter with $68m at $1.5b valuation. zero fees forever for order flow, not a promotion. hyperliquid bleeding $200m daily outflows. execution costs determine who survives the perp dex wars. ...

hyperliquid burns $467 per $1m btc perp volume. lighter burns $18. same zero fees but 26x the execution cost. lighter launches december 29 with zk verifiable matching and robot capital backing. hype at $27b market cap on declining volume, lighter points still accumulating. the migration already started, open interest down to may 2024 levels ...