Hyperliquid perpetual contract trading volume leads the way, accelerating the differentiation of the Perp DEX landscape

On January 19, it was reported that in the decentralized perpetual contract sector, Hyperliquid continues to expand its leading advantage, gradually pulling ahead of competitors such as Aster and Lighter, becoming the main hub for high leverage and decentralized traders.

Data shows that in the past seven days, Hyperliquid’s perpetual contract trading volume was approximately $40.7 billion, significantly higher than Aster’s $31.7 billion and Lighter’s $25.3 billion. In the ranking of decentralized futures trading volume, Hyperliquid has established a clear top-tier position, reflecting its comprehensive advantages in user activity and trading depth.

A more representative indicator comes from open interest. In the past 24 hours, Hyperliquid’s open interest was about $9.57 billion, while several mainstream decentralized perpetual platforms including Aster, Lighter, Variational, edgeX, and Paradex had a combined open interest of approximately $7.34 billion. This gap indicates that traders prefer to hold leveraged positions long-term on Hyperliquid rather than just rotating funds for short-term gains.

This divergence has become more pronounced after the weakening of incentive mechanisms. Lighter experienced a surge in trading volume around its token airdrop in December 2025, but as token distribution began, trading activity quickly declined, with weekly trading volume dropping nearly threefold from previous highs, demonstrating the fragility of incentive-driven liquidity.

This phenomenon also echoes the view of Stephan Lutz, CEO of a certain CEX, during Token2049. He pointed out that many decentralized exchanges rely on token incentives to attract traffic, which is essentially akin to paid advertising. Once rewards are distributed, genuine risk capital often struggles to remain.

In contrast, Hyperliquid’s higher proportion of open interest suggests it still retains some stickiness after incentives fade. However, this operational advantage has not yet fully translated into token value. Like most DeFi governance tokens, HYPE’s recent price has come under pressure, and the market remains cautious about its ability to capture value and its long-term tokenomics.

Currently, the market is distinguishing between the utility of trading venues and token exposure. Hyperliquid has established an advantage in decentralized perpetual contract trading volume and leverage depth, but whether this position can be converted into sustainable token value remains to be seen over time.