Hyperliquid is pulling further ahead in the decentralized futures market as traders favor platforms that deliver both leverage and lasting liquidity.
Over the past seven days, Hyperliquid processed about $40.7 billion in perpetual trading volume, outpacing rivals such as Aster and Lighter. The bigger signal, however, comes from open interest, which reflects where traders hold risk rather than rotate short-term trades.
In the past 24 hours, Hyperliquid recorded roughly $9.57 billion in open interest, more than several major perp DEXs combined. This suggests traders are increasingly parking capital on the platform.
The gap has widened as incentive-driven activity fades elsewhere. Lighter, which saw a surge ahead of its airdrop, has experienced a sharp drop in volume since rewards were distributed.
Industry leaders have warned that token incentives often generate temporary activity without long-term commitment. While Hyperliquid dominates trading flow, its HYPE token remains under pressure, showing that users currently separate platform utility from token value.
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