4Logo directions — each shown on dark, light, and at nav size
4aGrotesk wordmark with a red full stop
Priori.
Priori.
Priori.nav size · the period reads "final word"
4bTerminal prompt — mono lowercase with cursor block
priori
priori
prioricursor can blink on the live site
4cMonogram — P in a square, mark + wordmark lockup
P
Priori
P
Priori
P
Priori
mark works alone as favicon / avatar
4d"A priori" — bar-and-dot mark: the line before the point
PRIORI
PRIORI
PRIORI
bar = evidence, dot = the call
4eStacked mono — PRI / ORI, second half in red
PRI
ORI
PRI
ORI
PRIORIinline at nav size; stacked as avatar

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3Hybrid of 1a + 1b
3aSwiss grotesk headline on a terminal-dark data grid
Priori
research
ratings
letter
BTC 118,204 +1.8%   ETH 4,912 -0.4%
ISSUE 142
2026-09-23

$ priori --thesis

crypto research
for people who
read the footnotes

Opinion,
backed by
evidence.

01 — LATEST REPORT · 41 PP · FREE
Perp DEX fee wars: who is actually earning the volume
Onchain fee data across 9 venues. Margins heading to zero. Two winners, seven bagholders.
Read report →All research
02 — THE LETTER
One email a week. What moved, what mattered, what we got wrong.
your@emailJOIN
12,400 readers · no sponsors
212 REPORTS
64 ASSETS RATED
3 DOWNGRADES THIS WEEK
ZERO SPONSORED CONTENT

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2Navy wordmark over map — from your reference
2aOversized wordmark, greige map, mono labels, dotted spec sheet
Priori
ResearchRatingsLetterAbout
EST. 2024ISSUE 142 · LIVE
world map / coverage geography (greige)
PRIORI
SOLANA · A−
HYPERLIQUID · A
APTOS · B
BERACHAIN · D

Independent research. Opinionated ratings.

Long-form reports and token grades for traders and builders. No sponsors, no launchpad, no exceptions. We publish the thesis and the footnotes.

Read latest reportSee ratings
RATINGS SHEET
COVERED64 assets
TOP GRADEHyperliquid · A
DOWNGRADES3 this week
CADENCEWeekly / Quarterly
01
Long-form reports
30–50 pages, onchain-sourced, one free every month
02
Token ratings
Letter grades on liquidity, unlocks, team retention, revenue/FDV
03
The Letter
One email a week: what moved, what mattered, what we got wrong
04
Pro access
Full archive, rating changes as they happen, analyst Q&A
Perp DEX fee warsThe unlock cliffStablecoin yield, againSolana fee marketsL2 revenue reality checkRestaking risk mapPerp DEX fee warsThe unlock cliff

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1Priori — four homepage directions
1aTerminal — monospace, dense, data-first
PRIORIresearchratingsletter
BTC 118,204 +1.8%ETH 4,912 -0.4%SUBSCRIBE
$ priori --thesis 2026-09

Most tokens are priced for a future their teams have already abandoned.

Independent research on crypto markets, protocols and the people running them. No sponsors, no launchpad, no exceptions.

READ LATEST REPORT →VIEW RATINGS
RATINGS · UPDATED 07:40 UTC
ASSETGRADEΔ SolanaA-— HyperliquidA▲ AptosB▼ CelestiaC+▼ MonadB-— BerachainD▼
Methodology: liquidity, unlock schedule, team retention, revenue/FDV. 64 assets covered.
REPORT · 2026-09-19 · 41 PP
Perp DEX fee wars: who is actually earning the volume
FREE
REPORT · 2026-09-12 · 28 PP
The unlock cliff: 14 tokens with >30% supply vesting by Q1
PRO
LETTER · WEEKLY · 12,400 READERS
Priori Weekly: what moved, what mattered, what we got wrong
your@email → subscribe
1bSwiss modernist — big grotesk, strict grid
Priori
Research
Ratings
Letter
Subscribe — $29/mo
Issue 142
September 2026

Crypto research
for people who
read the footnotes.

Opinion,
backed by
evidence.

01 — LATEST REPORT
Perp DEX fee wars: who is actually earning the volume
41 pages. Onchain fee data across 9 venues. Free to read.
02 — RATINGS
HyperliquidASolanaA−AptosBCelestiaC+BerachainD
64 assets · quarterly rebalance
03 — THE LETTER
One email a week. What moved, what mattered, and what we got wrong last time.
your@emailJoin
1cNeon fintech — dark, glowing accents, chart as hero
priori.ResearchRatingsLetter
Sign inGo Pro
New report · Perp DEX fee wars

Research that calls it before the chart does.

Deep-dive reports, token ratings and a weekly letter for traders and builders who want the thesis, not the hype.

Read free reportSee ratings
Priori Rated-A basket vs. BTC+38.2% YTD
Hyperliquid
A
Aptos
B
Berachain
D
64 assets rated212 reports published12.4k weekly readersZero sponsored content
1dWarm analog — cream, archival, magazine
Vol. IV · No. 142
Priori
Subscribe
ResearchRatingsThe LetterArchiveAbout
Lead report · 19 September 2026

The perp DEX fee war is a war nobody is winning

Nine venues, one pool of volume, and margins heading toward zero. We followed the fees onchain.

Read the report41 pages · Free
cover illustration / chart
Ratings, this quarter
HyperliquidASolanaA−AptosBCelestiaC+BerachainD
Report · Pro
The unlock cliff: 14 tokens with over 30% of supply vesting by Q1
Report · Free
Stablecoin yield is back, and so are the bad ideas from 2021
The Letter · Weekly
What moved, what mattered, what we got wrong.
your@emailJoin →

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