Hyperliquid Commands 69% of Perp DEX Market

• Hyperliquid now controls approximately 69% of all daily active users trading perpetual futures on decentralized exchanges, indicating a significant shift in market dynamics.

• This shift reflects a broader trend in DeFi where traders seek platforms offering speed, tight spreads, and familiar trading tools. Hyperliquid's use of a central limit order book (CLOB), similar to traditional exchanges, provides faster fills and lower slippage, contributing to its dominance.

• The platform has attracted a large user base and recorded daily trading volumes exceeding $27 billion in some periods. Hyperliquid's native token, HYPE, is also gaining traction, with the token's price showing a recent increase.

What Drives Hyperliquid's Dominance in the Perp DEX Market?

Hyperliquid's rise is attributed to several factors, including its superior user experience, competitive fee structure, and deep liquidity pools. These features appeal to both novice and experienced traders. The platform's interface and onboarding experience are designed to reduce friction and simplify complex derivatives trading flows. Fees remain a central concern for active traders, and Hyperliquid's cost structure, combined with deep liquidity pools, helps reduce slippage and execution costs.

How Does Hyperliquid Maintain Its Market Position?

Hyperliquid's proprietary HyperBFT blockchain is a key differentiator, offering sub-second finality and high throughput for trading. The platform's tokenomics model allocates over 70% of trading fees to HYPE token buybacks, . Strategic partnerships with institutions like BlackRock and Stripe, along with a $581 million investment from Paradigm, have further strengthened its institutional adoption.

What Are the Risks and Limitations of Hyperliquid's Growth?

Despite its success, Hyperliquid faces challenges related to governance centralization, as 66% of staked HYPE is controlled by the Hyper Foundation. This centralization raises questions about the platform's decentralized claims and long-term sustainability. Additionally, security incidents such as a $4.9 million loss from a price manipulation attack in November 2025 highlight the need for continued protocol improvements.

What Is the Future Outlook for Hyperliquid and HYPE?

Hyperliquid continues to attract attention from large venture capital firms and traditional finance players. Founder Jeff Yan envisions Hyperliquid as the AWS of financial infrastructure, enabling developers to deploy various assets beyond crypto. The HYPE cryptocurrency has dipped below $28, but . The HYPE futures Open Interest has increased by 7.06% in the last 24 hours, reaching $1.50 billion, indicating an inflow of capital.

Hyperliquid's future success will depend on its ability to maintain volume growth, decentralize governance, and mitigate security vulnerabilities through ongoing upgrades. The platform's dominance is expected to drive network effects, increase competitive pressure on other platforms, and foster ecosystem growth through more integrations and partnerships.