On May 21st, as the spot Hyperliquid ETF recorded a record breaking daily inflow of $25.5 million into Hype, the entire Perp DEX (on chain perpetual contract) track was completely ignited. Don't look at the current on chain derivatives market with the same eyes as Meme anymore. Hyperliquid ETF institutions are even faster than BTC ETFs in terms of buying speed. The platform repurchases and destroys 97-99% of the transaction fees in the open market (over $400000 per day for buying orders). HIP-3/4 is connected to the forecast market and precious metal/crude oil Perps, plus mandatory buy orders from ETFs (the purchase volume is 2.5 times the agreement destruction volume). As a high-performance ZK rollup competitor, Lighter's market value is only a fraction of HYPE's. Last night, Vitalik personally gave a thumbs up on X Spaces, calling it a top Ethereum project. With the launch of SpaceX derivatives and a weekly RWA incentive of $250000, Lit experienced a direct surge of 28% within 24 hours. When all commodities (crude oil/gold) and tokenized stocks (SpaceX Pre IPO) are on the blockchain, Perp DEX has become the most terrifying real income generator of 2026.