Traders are moving to Hyperliquid because it offers deeper liquidity and more reliable trade execution than rivals.
Lighter’s post-airdrop drop shows that rewards alone can’t keep users without strong platform performance.
Open interest data reveals most trading activity is concentrating around one clear leader: Hyperliquid.
The perpetual decentralized exchange (Perp DEX) market is witnessing a major shift as Hyperliquid reclaims the top position in both trading volume and open interest. Following Lighter’s airdrop, the platform’s weekly trading volume dropped nearly threefold from its peak.
Consequently, traders are gravitating toward platforms offering higher liquidity and efficient execution. Over the past seven days, Hyperliquid recorded an impressive $40.7 billion in trading volume, surpassing competitors like Aster with $31.7 billion and Lighter at $25.3 billion.
The shift highlights how competitive dynamics among Perp DEXs directly impact trading behavior. "Hyperliquid has captured the lead and is now ranked 1st by volume and open interest," CryptoRank noted. Traders appear to favor the platform for its stability and market depth. Meanwhile, Lighter’s post-airdrop decline signals that incentives alone may not sustain long-term activity, emphasizing user confidence and platform reliability.
Open Interest Reveals Market Concentration
Open interest, reflecting active trading positions, further confirms Hyperliquid’s dominance. In the last 24 hours, the platform recorded $9.57 billion in open interest. By comparison, all other platforms combined held $7.34 billion, with Aster contributing $2.73 billion and Lighter $1.42 billion. Variational recorded $1.32 billion, edgeX $1.2 billion, and Paradex $0.67 billion. Hence, while several secondary players remain active, none approach Hyperliquid’s scale individually.
Moreover, the data indicates a highly concentrated market. Hyperliquid attracts not only higher trading activity but also sustained positions, suggesting robust user engagement. Besides, platforms like Aster and Lighter continue to play notable roles, offering alternatives for traders seeking variety. However, the clear leader demonstrates that liquidity and execution efficiency remain decisive factors.
Competitive Dynamics Shape the Perp DEX Landscape
The past week’s data shows how tough the competition is among perpetual DEX platforms. Hyperliquid’s return to the top suggests traders prefer platforms that feel reliable, offer deep liquidity, and execute trades quickly.
As a result, smaller platforms may struggle unless they improve their features or attract more liquidity. Analysts believe trading activity will keep concentrating around the biggest players, with Hyperliquid expected to stay in the lead for now.