$HYPE
Perp DEX: Hyperliquid Reclaims the Lead
The perpetual DEX landscape has shifted again—and Hyperliquid is back on top. As the excitement around Lighter’s airdrop fades, its trading activity has dropped sharply, with volumes falling nearly 3× from their peak, creating an opening in the rankings.
Hyperliquid moved fast. Over the last 7 days, it has climbed to #1 in both perpetuals trading volume and open interest, reclaiming dominance just as rivals began losing momentum. Liquidity always attracts traders—and right now, that liquidity is clearly flowing into Hyperliquid.
This rotation goes beyond a single platform. With Lighter cooling off post-airdrop, new contenders are stepping up. Variational, in particular, is quietly pushing into the top tier, now handling around $1B in daily volume, showing the perp DEX race is becoming increasingly competitive.
Perp DEX leadership changes quickly—and momentum changes even faster.
So the question remains: is Hyperliquid just getting started, or about to widen the gap even more? 👀
#DeFi #Perps #Crypto #Lighter $LIT