Hyperliquid, a perpetual decentralized exchange (DEX), generated over $117 million in fees during October, all of which were returned to HYPE token holders through buybacks. This strategy distinguishes Hyperliquid from competitors such as Aster and dYdX, which may not offer similar profit-sharing mechanisms. The approach raises questions about whether perpetual DEXs are attracting users primarily through performance or profit-sharing incentives.