Coinbase perps is net bullish for Hyperliquid. Power users will eventually want composability, low fees and non-KYC. Eventually they’ll funnel into Hyperliquid. On the other end, i don’t think we see leakage within Hyperliquid’s core users towards a more centralized venue. Coinbase will do all the user acquisition, and without a VPN blocker, the right people will find their way onchain eventually.