Decentralized exchange (DEX) Hyperliquid has solidified its leadership in the decentralized perpetual futures market, processing a massive $40.7 billion in trading volume over the past week. This figure significantly outpaces its closest competitors, Aster at $31.7 billion and Lighter at $25.3 billion, according to data from CryptoRank.
The dominance is even more pronounced in open interest, a key metric indicating where traders park their leveraged positions. Hyperliquid holds approximately $9.57 billion in open interest, which exceeds the combined total of several other major perp DEXs, including Aster ($2.73B), Lighter ($1.42B), Variational ($1.32B), edgeX ($1.2B), and Paradex ($0.67B). This concentration suggests traders are choosing Hyperliquid for its liquidity depth and execution quality, moving beyond short-term incentive programs.
The data highlights a structural shift towards a "winner-takes-most" dynamic. Rival platforms that relied heavily on incentive-driven volume, like Lighter, have seen a sharp slowdown. Lighter's weekly volume dropped nearly threefold from its December peak of over $600 million following its airdrop distribution, illustrating the challenge of retaining liquidity once rewards normalize—a point previously highlighted by BitMEX CEO Stephan Lutz.
Despite this operational strength, Hyperliquid's native token, HYPE, is facing significant selling pressure. The price dropped roughly 8% to around $24.15, partly due to a broader market correction and specific on-chain events. A wallet originally funded via Tornado Cash is set to complete unstaking roughly 1.5 million HYPE tokens, while Continue Capital is scheduled to unstake nearly 1.2 million HYPE. In total, over 3.2 million HYPE (worth more than $80 million) is expected to be unlocked over a five-day period, with market participants anticipating potential sales from the Tornado Cash-linked tranche.
