Hyperliquid continues to dominate the perpetual derivatives DEX landscape, commanding open interest levels that dwarf competitors like Lighter—the gap sits at roughly 7x based on recent market snapshots. What's more telling is the exchange's relatively modest turnover rate, which analysts interpret as a sign of genuine user activity rather than artificially inflated trading volumes. The metric matters because it suggests Hyperliquid is retaining liquidity organically, weathering the usual FUD cycles that periodically shake confidence in the space.