Hyperliquid’s Battle for Dominance Isn’t Over Yet
Despite losing trading volume to rivals, Hyperliquid still holds $13.2B in open interest. Is it too early to count them out?
- Hyperliquid’s daily volume lags behind Aster and Lighter.
- $HYPE token dropped 27% in the past week.
- Hyperliquid leads with $13.2B in open interest — double its next 10 competitors combined.
Hyperliquid, once a dominant name in the perpetuals trading space, is facing new competition. Aster and Lighter have both overtaken Hyperliquid in 24-hour trading volume — a key metric of platform activity. At the same time, the native token $HYPE has dropped 27% in the last seven days, raising concerns among traders and investors.
However, trading volume is just one part of the story.
$13.2 Billion in Open Interest: A Strong Signal
Despite these setbacks, Hyperliquid is still showing remarkable strength in another critical area: open interest. With $13.2 billion locked in active perpetual contracts, the platform is outperforming every other decentralized exchange in the sector — by a wide margin. In fact, Hyperliquid’s open interest is more than double the combined total of its next ten competitors.
This suggests that while short-term trading activity may have slowed, long-term traders and institutions still have deep confidence in the platform.
Is This Just a Temporary Setback?
Markets are cyclical, and platform dominance can shift quickly in crypto. The current drop in $HYPE price and trading volume might signal a short-term shift, but not necessarily a long-term defeat.
Open interest often reflects deeper user commitment, institutional participation, and overall market trust. If Hyperliquid can convert this open interest into higher daily volumes again — through new features, token incentives, or better UX — it could easily reclaim its top spot.
In the ongoing battle between rising stars like Aster and Lighter and established players like Hyperliquid, the winner might not be decided by volume alone.
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