Decentralized exchange (DEX) trading volumes have reached unprecedented levels in 2025, with perpetual futures platforms leading the charge. According to data from DefiLlama, monthly trading volumes for perpetual DEXs hit an all-time high of $1.143 trillion in September 2025, a 49% increase from August's $766 billion [1]. The growth has been driven by a dynamic rivalry between two key players: Hyperliquid and
, with the latter recently overtaking the once-dominant Hyperliquid in market share.Aster's rise has been meteoric, capturing $81.88 billion in daily trading volume on October 2 alone-nearly eight times Hyperliquid's $10.28 billion [1]. This shift has cut Hyperliquid's market share from 45% to just 8%, raising questions about whether the platform can reclaim its position as the leading perpetual DEX. However, analysts like Patrick Scott argue that Hyperliquid remains the "most investible" platform in the space, citing its fundamentals, sustainable revenue model, and expanding ecosystem [1].
Hyperliquid's resilience stems from its unique value proposition. Unlike competitors that rely on airdrop incentives to drive adoption, Hyperliquid has built a self-sustaining revenue model. The platform trades at a 12.6x revenue multiple and maintains a 62% share of open interest, a critical metric for liquidity and user commitment [1]. Additionally, its user base has shown loyalty even after the HYPE token airdrop ended, a rare feat in the volatile crypto market.
The platform's HyperEVM ecosystem further strengthens its position. Hyperliquid hosts over 100 protocols, $2 billion in total value locked (TVL), and $3 million in daily app revenue. High-profile integrations with projects like
and underscore its role as a multi-layer DeFi infrastructure provider [1]. This diversification positions Hyperliquid beyond just perpetual futures trading, aligning it with broader blockchain innovation.Hyperliquid's strategic moves, including the launch of its USDH stablecoin and the upcoming HIP-3 upgrade, aim to solidify its long-term dominance. USDH, backed by reserves from BlackRock and Superstate, generates yield to support ecosystem growth. Meanwhile, HIP-3 will allow builders to create new perpetual markets by staking HYPE tokens, creating a supply sink and expanding tradeable assets [1]. These initiatives could transform Hyperliquid into an "infrastructure provider," a critical advantage in a sector where scalability and adaptability are paramount.
Despite its strengths, Hyperliquid faces risks. A sustained drop in trading volumes, declining open interest, or challenges from rivals like Aster and new entrants such as Lighter and SunPerp could test its position. However, analysts remain optimistic. Changpeng Zhao (CZ) of Binance has noted that the influx of new DEXs will expand the overall market, creating opportunities for the "best builders" to thrive [1].
The broader DEX landscape in 2025 reflects a shift toward innovation and decentralization.
, for instance, commands 48% of DEX volume, driven by low fees and high-speed transactions [5]. Meanwhile, Asia has emerged as a hub for DEX innovation, with countries like India and Vietnam leading adoption due to regulatory flexibility and institutional interest [6]. Hyperliquid's focus on user retention and ecosystem growth aligns with these trends, suggesting its long-term viability in a rapidly evolving market.
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