Hyperliquid Holds Its Ground as Most Investable Perp DEX

Here’s why Hyperliquid continues to be the most investable perp DEX despite losing market share to Aster, according to analysts.

The perpetual futures decentralised exchange (also known as perp DEX) market has been growing. 

In September, monthly trading volumes crossed the $1 trillion mark for the first time. 

One new entrant, Aster, recently took the lead in daily and monthly activity. Still, many analysts continue to argue that Hyperliquid is the most investable perp DEX.

Hyperliquid vs. Aster

The change in market dynamics has been dramatic. According to DefiLlama, perp DEX volumes hit $1.143 trillion in September. This is up 49% from August’s $766 billion. 

Aster captured most of this surge, handling $81.88 billion in a single day on October 2.

In contrast, Hyperliquid’s share dropped from 45% to just 8% during the same period. The DEX recorded only $10.28 billion in daily volume. 

This reversal surprised many in the industry who had long viewed Hyperliquid as the biggest player.

Why Analysts Still Favour Hyperliquid

DeFi analyst Patrick Scott believes that Hyperliquid’s fundamentals are strong. Despite its volume decline, it still leads in open interest and holds about 62% of the perp DEX market. 

Open interest shows liquidity and user commitment, which tend to be more stable than short-term trading volume.

Scott pointed out that Hyperliquid trades at a 12.6x revenue multiple and has a sustainable model, unlike rivals that rely on airdrop-driven incentives. This foundation indicates a healthier long-term outlook.

“User retention cannot be replicated by incentive programs; it requires better products,” Scott stated.

According to analysts, Hyperliquid is not just a trading platform. 

It operates as a Layer 1 blockchain through HyperEVM, which already hosts over 100 protocols. The ecosystem has $2 billion in total value locked (TVL) and generates $3 million in daily application revenue.

Other notable projects include native platforms like Kinetiq and Hyperlend, alongside integrations with recognised names like Pendle, Morpho, and Phantom.

Perp DEX Market Growth

Perpetual futures, often called perps, are derivatives that let traders speculate on crypto prices without an expiry date. Perp DEXs have gained popularity as traders divert their attention from centralised exchanges like Binance.

The sector has grown from less than 2% of centralised exchange perpetual volume in 2022 to over 20%. Hyperliquid was one of the biggest drivers of this expansion.

The competitive field is also growing. Lighter recently launched its perp DEX mainnet, while TRON founder Justin Sun introduced SunPerp at the Token2049 event. 

Even Binance founder Changpeng Zhao welcomed the surge of new entrants and noted that more players will expand the overall market.

Insights on Hyperliquid Over The Long-Term

Scott pointed out that Hyperliquid’s appeal lies in its growth model. Rather than relying on short-lived promotional incentives, it has built a solid user base through reliable products and liquidity.

Its expansion into Layer 1 services and stablecoin development also provides extra revenue streams that reduce dependence on trading fees alone.

Despite its strengths, though, there are a few risks to keep in mind. A prolonged decline in trading volume, a drop in open interest, or slow adoption of USDH could weaken Hyperliquid’s position. 

Investors and builders will be watching these metrics closely over the next few months.