$INFRA - Infrastructure plays benefit from Hyperliquid's need to build more in-house and control their product stack, plus broader crypto infrastructure development needs.
$DEX - Decentralized exchanges like Hyperliquid showing strong product-market fit with perps trading and evolving toward owning the full user relationship like Robinhood/Coinbase model.
Bearish:
$ALTCOINS - Alternative cryptocurrencies have been declining with limited trading volume and may continue underperforming as focus shifts to newer asset classes.
$CEFI - Centralized crypto infrastructure showing weakness with high fees and lack of innovation, creating opportunities for decentralized alternatives.
$STABLES - Stablecoin competition intensifying with USDC dominance challenged by USDH, but growth mode eliminating cost advantages makes differentiation difficult.