Hyperliquid leads decentralized perp trading as rivals lose momentum

Hyperliquid has surged ahead in the decentralized perpetual futures market, capturing $40.7 billion in trading volume over the past seven days—outpacing Aster ($31.7B) and Lighter ($25.3B)—according to CryptoRank and DefiLlama data. The exchange also holds $9.57 billion in open interest over the last 24 hours, surpassing the combined $7.34 billion across other major perp DEXs including Aster, Lighter, Variational, edgeX, and Paradex. This divergence underscores Hyperliquid’s growing role as a primary venue for leveraged risk positioning, not just short-term volume chasing. Lighter’s post-airdrop decline—weekly volume nearly threefold lower than its December peak of $600 million—illustrates the fragility of incentive-driven activity. BitMEX CEO Stephan Lutz warned at Token2049 that many perp DEXs rely on unsustainable token rewards that fail to retain long-term liquidity. Despite operational dominance, Hyperliquid’s HYPE token has weakened, reflecting skepticism over emissions and value accrual. For now, traders separate platform utility from token economics, leaving the long-term value proposition of HYPE unresolved.