Hyperliquid Pulls Ahead As Incentives Fade Across Perp DEX Rivals

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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