TLDR:
- Hyperliquid’s Perp DEX market share slid from 45% to 8%, while Aster crossed $300B in weekly volume.
- Despite losing share, Hyperliquid holds 62% of Open Interest, keeping it ahead in DEX liquidity measures.
- USDH stablecoin has reached $25M market cap, backed by Blackrock and Superstate reserves for ecosystem growth.
- HIP-3 will let builders stake HYPE to launch Perp markets, creating new token sinks and trade opportunities.
Perp DEX competition is heating up, and the numbers tell the story. Hyperliquid, once dominant, has seen its trading volume share collapse in recent weeks.
At the same time, rivals like Aster, Lighter, and edgeX have rapidly climbed the ranks with new spikes in activity. Despite the shift, Hyperliquid continues to stand out where it matters most: liquidity and consistent user retention.
Analysts argue that as long as growth remains stable in core metrics, the project remains in position to compete strongly.
Hyperliquid Trading Volume Declines as Competitors Surge
Patrick Scott of Dynamo DeFi reported that Hyperliquid’s share of Perp DEX volume has dropped from 45% to just 8%.
He noted that Aster, a Binance-related platform, posted one of the sharpest increases, jumping from $11 billion to $270 billion in only one week. This surge pushed Aster to more than 50% market share, while Lighter and edgeX also posted strong gains.
Despite the decline, Hyperliquid’s overall trading activity held steady instead of contracting. Scott explained that competitors are running incentive-driven campaigns, such as rewarding users with the promise of future airdrops, to attract traders.
Whether this activity remains after the incentives fade is still uncertain. For now, Hyperliquid’s strength lies in its steady usage and the revenue it generates from trading activity.
Open Interest paints an even clearer picture. While Hyperliquid lost ground in raw trading share, it still commands 62% of Open Interest across the Perp DEX market.
This metric reflects liquidity and user stickiness, both of which remain difficult to replicate through rewards. Scott argued that this base of loyal users positions the platform to withstand pressure from rivals relying on temporary boosts.
Growth Avenues: HyperEVM, USDH, and HIP-3
Hyperliquid is not relying on Perp DEX activity alone. Its Layer 1 ecosystem is expanding, with more than 100 deployed protocols and billions in Total Value Locked.
According to Scott, this expansion includes projects like Kinetiq and Hyperlend alongside integrations from platforms such as Pendle and Morpho. The Layer 1 strategy creates new ways for its HYPE token to accrue value.
Another area of focus is USDH, the platform’s stablecoin, which currently holds a market cap of about $25 million. Backed by reserves in Blackrock and Superstate, it serves as a key liquidity tool across Hyperliquid’s network.
As Scott highlighted, the yield structure of USDH aims to deepen liquidity while supporting ecosystem growth.
HIP-3 represents yet another step forward. This feature will allow builders to launch their own Perp markets on Hyperliquid by staking HYPE. The design creates a supply sink for the token, expands trading pairs, and positions Hyperliquid as infrastructure for new builders.
While rivals gain attention with explosive numbers, Hyperliquid’s strategy centers on long-term durability.
Scott stressed that his thesis would only change if absolute volumes dropped alongside market share, Open Interest collapsed, or USDH failed to gain liquidity. None of these conditions have yet emerged.
