The gap between $HYPE token price and @HyperliquidX platform revenue is at its widest level ever, indicating that markets now price it as a growth asset versus a value asset. 30D annualized revenue is down -34% while price up +40% since February. The market stopped pricing current fees and started pricing TAM. Only 7 of Hyperliquid's top 30 markets are crypto. The rest: oil, gold, silver, SPX. The revenue dip is crypto-cyclical while the market is pricing something else entirely.