Quick Breakdown
- •Hyperliquid holds 62% of perpetual DEX open interest, maintaining market dominance.
- •Analyst Patrick Scott highlights ecosystem growth despite rising competitors.
- •The platform remains the leader in liquidity and trading activity across DeFi perps.
Hyperliquid’s market share has dropped from 45% to 8% in recent weeks, as rivals including Binance‑linked Aster and newer entrants Lighter and edgeX post explosive growth. Still, according to DeFi and crypto analyst Patrick Scott, Hyperliquid remains the most investable perpetual DEX in the market.
Open interest confirms hyperliquid’s staying power
Scott points out that while Aster’s trading volume skyrocketed from $11 billion to $270 billion in just one week, such growth is likely an anomaly fueled by aggressive incentive campaigns. By contrast, Hyperliquid continues to dominate open interest, a stickier measure of liquidity with a commanding 62% market share.
This suggests users remain deeply engaged with Hyperliquid’s platform even as trading incentives elsewhere drive short‑term surges. Other rivals like edgeX and Lighter doubled their weekly volumes but still lost share as Aster’s campaign skewed the market.
Why Hyperliquid is still the best‑positioned Perp DEX:
Over the past few weeks…
-Hyperliquid’s share of Perp DEX volume has fallen from 45% to 8%
-Aster’s volume has grown more than 100X to $300b+ last week
-Lighter and edgeX have risen to have comparable volume to Hyperliquid… pic.twitter.com/rfIZzGEdsc— Patrick Scott | Dynamo DeFi (@patfscott) October 2, 2025
Expanding beyond perps into DeFi infrastructure
Beyond its core perpetual exchange, Hyperliquid is broadening its ecosystem. Its HyperEVM Layer 1 now hosts over 100 protocols and more than $2 billion in total value locked, integrating both native projects and established DeFi platforms like Pendle and Morpho.
Hyperliquid is also scaling with USDH, its stablecoin backed by reserves in BlackRock and Superstate, currently at $25 million market cap. In addition, the upcoming HIP‑3 proposal will allow builders to create new perp markets by staking HYPE, deepening ecosystem participation and creating new supply sinks.
Scott concludes that despite the shifting volume race, Hyperliquid’s fundamentals from open interest leadership to ecosystem expansion keep it best positioned for long‑term dominance in the perp DEX sector.
Meanwhile, Hyperliquid’s native token HYPE hit fresh highs, rallying 8% to $59.29 before easing to $58.51, extending a month‑long surge as altcoins outpaced the broader market following U.S. Federal Reserve rate cuts. With a market capitalization just under $16 billion, the token has surged nearly 40% over the past month, outperforming Bitcoin, Ether, and XRP despite their broader strength.