Traders who value both leverage and diversification continue to gravitate toward hyperliquid. Decentralized exchanges focused on perpetual trading are further separating themselves from rivals such as Astor and Reiter, which have struggled to convert short-term trades into sustainable trading volumes.
Over the past seven days, Hyperliquid processed approximately $40.7 billion in PERP trading volume, surpassing Aster’s $31.7 billion and Lighter’s $25.3 billion, according to data from CryptoRank and DefiLlama.
This gap is even more pronounced in open interest, a measure of traders’ willingness to hold leveraged positions rather than simply rotating flows. Over the past 24 hours, Hyperliquid held approximately $9.57 billion in open interest, while other major Perp DEXs including Aster, Lighter, variational, edgeX, and Paradex collectively accounted for approximately $7.34 billion.
This imbalance suggests that hyperliquid is becoming the primary place for traders to park risk, rather than just chasing volume.
The disconnect has become even more acute as incentive-driven activity fades in other regions. The writer saw a surge in trading volume ahead of its airdrop in late December, but activity has slowed sharply since it began circulating, with weekly trading volume nearly tripling from its December peak of more than $600 million. This decline highlights how quickly liquidity recedes when token rewards are reduced or realized.
This pattern reflects broader concerns raised on the sidelines of Token2049 by BitMEX CEO Stephan Lutz, who warned that many PERP DEXs rely on incentive-driven models and will struggle to maintain liquidity once compensation normalizes.
In an interview with CoinDesk, Lutz described token incentives as a form of paid advertising that can generate explosive activity but often fails to sustain long-term risk commitment.
The decline in lighters after the airdrop reflects its vulnerability, even though HyperLiquid’s large open interest share suggests it may be well-positioned to retain traders when incentives wear off.
Still, operational advantages are not reflected in the strength of the token. Like other exchanges and DeFi governance tokens, Hyperliquid’s HYPE has been under pressure in recent weeks, reflecting persistent skepticism about emissions, value generation, and long-term economics.
So far, the market seems comfortable with separating venue utility from token exposure. HyperLiquid is winning the race for flows and leverage, but whether it can translate its lead into lasting economic value for token holders remains an open question.
