Aster’s Growth Doesn’t Dislodge Hyperliquid From Top Spot in Perp DEX Landscape, Expert Says

Hyperliquid Seen Holding Ground as Perp DEX Battle Intensifies

Competition among decentralized perpetuals exchanges is accelerating, but Hyperliquid’s fundamentals suggest it remains the best-positioned player, according to DeFi analyst Patrick Scott.

Market Share Shifts

Perp DEXes — decentralized platforms offering perpetual futures — have gained significant traction, growing from under 2% of centralized exchange volumes in 2022 to more than 20% last month. Hyperliquid fueled much of that rise but recently saw its market share slip from 45% to 8%, while Binance-linked Aster surged past $270 billion in weekly trades. Smaller rivals such as Lighter and edgeX also posted triple-digit growth.

Why Hyperliquid Still Stands Out

Scott argues that open interest, not raw volume, provides a clearer view of market strength. Hyperliquid still controls about 62% of perp DEX open interest, which he describes as a “stickier” measure of liquidity. The platform continues to generate solid revenue at competitive multiples and is building out its ecosystem through initiatives like HyperEVM, which now supports over 100 protocols and $2 billion in TVL, and USDH, a stablecoin backed by reserves at BlackRock and Superstate.

A proposed HIP-3 mechanism would also increase token utility by requiring HYPE staking to launch new perp markets, potentially creating long-term demand for the token.

Cautionary Notes

Scott warned his thesis would falter if Hyperliquid’s revenue or open interest drops significantly, or if USDH fails to build liquidity in the coming year. Still, he contends the exchange remains stronger than competitors leaning heavily on incentive-driven growth.