- Hyperliquid led perp DEXs with over $40B in weekly trading volume.
- Competitors are losing momentum as incentive-driven activity fades.
- HYPE faces near-term pressure from large token unstaking events.
Hyperliquid is back in the spotlight after posting one of its strongest weeks yet, underlining a broader shift in decentralized derivatives trading. As interest in leverage-heavy, non-custodial platforms continues to grow, the DEX has pulled decisively ahead of its closest competitors—both in trading activity and trader commitment.
Hyperliquid Surges Past Rival Perp DEXs
Over the past seven days, Hyperliquid recorded roughly $40.7 billion in perpetual futures trading volume, outperforming platforms such as Aster and Lighter by a wide margin. This surge places Hyperliquid firmly at the top of the perp DEX leaderboard, signaling strong organic demand rather than short-lived incentive-driven activity.
The gap becomes even clearer when looking at open interest, a key metric that reflects how much capital traders have at risk. Hyperliquid now holds about $9.57 billion in open interest, exceeding the combined total of several major competitors. That suggests traders are not just passing through—they’re staying and deploying size.
Incentive Fatigue Hits Competing Platforms
One reason behind Hyperliquid’s rise is the fading impact of token incentives elsewhere. Lighter, for example, saw volumes spike ahead of its airdrop late last year. Since rewards began distributing, activity has cooled sharply, with weekly volume dropping to a fraction of its December highs.
Industry observers have long warned that incentive-heavy models struggle to retain liquidity once rewards normalize. As those short-term boosts wear off, traders appear to be consolidating around platforms that offer deep liquidity, reliable execution, and consistent performance—areas where Hyperliquid has gained a reputation.
Why HYPE Price Is Under Pressure
Despite strong platform fundamentals, HYPE, Hyperliquid’s native token, has weakened in recent weeks. The pullback comes amid a broader market correction and mounting concerns over upcoming token supply.
Also Read: ASTER Crashes 12% to Record Low as Aster Triggers Emergency Buybacks
More than 3.2 million HYPE, valued at over $80 million, is scheduled to be unstaked in the coming days. On-chain data indicates that a portion of these tokens—particularly from a wallet linked to Tornado Cash funding—could be sold on the open market. This expectation has added to near-term selling pressure, pushing HYPE lower even as platform usage grows.
Hyperliquid’s latest performance highlights a key divide in the perp DEX space: platforms built on temporary incentives versus those sustaining real trading demand. While HYPE may face short-term volatility, Hyperliquid’s dominance in volume and open interest suggests its position in decentralized derivatives is strengthening—not weakening.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. CoinBrief.io is not responsible for any financial losses.
