Hyperliquid Maintains Lead Despite Surge in Perp DEX Competition
Decentralized perpetual futures trading is heating up, but Hyperliquid remains the top contender, according to DeFi analyst Patrick Scott.
Perp DEXes, which allow traders to speculate on crypto prices without expiry dates, have grown from under 2% of centralized exchange volumes in 2022 to over 20% last month. Hyperliquid, issuing the HYPE token, has been a major driver of that growth. However, its market share recently dropped from 45% to 8%, while Binance-linked rival Aster surged to $270 billion in weekly volume. Other newcomers, including Lighter and edgeX, also saw triple-digit growth.
Scott argues that Hyperliquid’s fundamentals set it apart. Open interest — a measure of liquidity — remains strong, with the platform controlling about 62% of the perp DEX market. The exchange also benefits from steady revenue, a competitive valuation, and ecosystem expansion, including the HyperEVM network, which hosts 100+ protocols with $2 billion in total value locked, and USDH, a stablecoin backed by reserves at BlackRock and Superstate.
Future initiatives like HIP-3, which requires HYPE staking to launch new markets, could create sustained demand for the token. Scott cautioned that his thesis relies on continued strong open interest and liquidity for USDH, but for now, Hyperliquid remains better positioned than competitors relying heavily on incentive programs.
