To see the fee accrual impact from Hyperliquid's new fee system, you need to look at the ratio between the exchange volume and AF's buyback volume.

The ratio average for the month of April was 2.2 bps. The first day the new fee system went into effect, this ratio increased to 2.68 bps (+22%).

Note: the new fee system was not active the entire day because the change went into effect a few hours after trading started today. Let's see how the rest of this week shapes up!

Hyperliquid