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- Hyperliquid maintains dominance in Open Interest with 62% share, proving strong user loyalty despite shrinking Perp DEX volume share.
- Beyond Perp DEX, Hyperliquid expands through HyperEVM, USDH stablecoin, and HIP-3, strengthening long-term ecosystem growth opportunities.
In recent weeks, Hyperliquid’s share of trading volume in the Perp DEX sector has plummeted from 45% to just 8%.
Aster suddenly emerged with a remarkable surge, from $11 billion to $270 billion in just a matter of weeks. Lighter and edgeX have also experienced equally rapid growth.
However, according to crypto pundit Patrick Scott, this is not enough to shake Hyperliquid’s position as the most promising and investable Perp DEX.
Scott believes that Hyperliquid’s main attraction lies in its ability to generate stable revenue. Unlike many other token issuers who struggle to build sustainable businesses, Hyperliquid has managed to establish itself.
Currently, HYPE’s market valuation is still considered reasonable compared to incoming revenue, even though only around 27% of tokens are in circulation. Meanwhile, the long-term trend of Perp DEX continues to climb, growing from less than 2% of CEX volume share in 2022 to over 20% last month. Hyperliquid is noted as one of the driving forces behind this trend.
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
Hyperliquid Maintains Its Edge Through Open Interest Strength
Although Aster volume has skyrocketed, Scott emphasized that the most important factor is Open Interest, as it indicates a relatively stable level of liquidity.
In this regard, Hyperliquid still holds a significant lead with a 62% share. This position demonstrates user loyalty after the HYPE airdrop a year ago.
“This kind of loyalty can’t be replicated with incentive programs alone,” he said in his analysis.
Hyperliquid’s trading volume is relatively stable. As long as revenue from futures trading volume continues to flow, its position remains secure. Moreover, since the airdrop, user numbers have continued to increase.
This demonstrates that the product offered has real appeal, not simply relying on bonuses or promises of future airdrops. Therefore, despite the decline in market share, Hyperliquid remains a top choice for many traders.
On the other hand, CNF reported in late August that BitGo had opened custody services for HYPE. This move paves the way for institutions to access HyperEVM with its custodial wallet, governance infrastructure, and secure services.
Furthermore, last June, Lion Group also announced plans to make Hyperliquid the core of its $600 million crypto treasury. The increasing whale activity surrounding this token is seen as a signal of growing institutional interest ahead of the treasury’s launch.
Expansion Through HyperEVM and USDH
Besides its strong presence in the Perp DEX business, Hyperliquid has another equally compelling growth path. HyperEVM now hosts over 100 protocols with a TVL of around $2 billion and daily application revenue of over $3 million.
Among these protocols are Hyperliquid-native projects like Kinetiq and Hyperlend, as well as cross-chain giants like Pendle and Morpho. This ecosystem allows Hyperliquid to focus not only on derivatives trading but also expand its role as a Layer 1 network for DeFi.
The USDH stablecoin is also a key player. With reserves held in Blackrock and Superstate, USDH now trades at a capitalization of around $25 million. The returns from this stablecoin are used to strengthen liquidity and develop the Hyperliquid ecosystem.
Meanwhile, the upcoming HIP-3 will open the door for others to build their own perp markets on Hyperliquid by staking HYPE. This mechanism creates a sink for the token supply, while expanding the variety of tradable assets on the platform.
Scott nevertheless emphasized that there are vulnerabilities that could invalidate his thesis. If Hyperliquid’s absolute volume drops alongside a loss of market share, or if Open Interest plummets and is matched by competitors, it could be a warning sign.
Similarly, if USDH fails to maintain price stability and liquidity over the long term. However, for now, the combination of a loyal user base, stable revenue, and new growth paths make Hyperliquid the most attractive Perp DEX for investors to follow.
Meanwhile, as of press time, HYPE is changing hands at about $49.54, up 0.72% over the last 24 hours and 22.44% over the last 7 days.
