🔥 HYPERLIQUID LISTS 425 SPOT TOKENS, BUT ONLY 5 HAVE MEANINGFUL VOLUME

While Hyperliquid’s perps process over $633B a quarter and hold roughly 32% of the on-chain market, spot averages under $500K a day per pair. Listing a token costs only about $43,000, so why isn’t liquidity showing up?

This analysis points to 4 reasons:
- Listing is easy, but it doesn’t create demand
- Market makers favor perps thanks to funding rates
- Withdrawing spot tokens is more complicated than it looks
- Security incidents like JELLY and POPCAT shape how users hold assets

And 3 directions that could narrow the gap.

Read the full article here 👇
https://cryptothreads.io/insights/hyperliquids-spot-market-is-the-last-piece-it-has-not-solved/

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