๐ฅ $HYPE Overview & Market Outlook
HYPEUSDT Perp
Price: $28.74
24h Change: -0.93%
HYPE is hovering around the $29 level, marking a 30% monthly drop and hitting a seven-month low. Once the dominant force in DEX perpetuals, Hyperliquid is now playing catch-up.
๐จ Whatโs Behind the Decline?
๐ Major Market Share Loss (70% โ 20%)
Hyperliquid held a massive 73% share of the DEX perp market in mid-2025. By December, that number plunged to 20%.
๐ป Falling Trading Activity
Spot volume: down 36%
Futures volume: down 30%
โ๏ธ Competition Heating Up
โก Lighter
Raised $68M at a $1.5B valuation
Zero-fee model + spot trading
Strong appeal for active traders
๐ Aster
Aggressive incentive campaigns
Captured ~19% of total volume
Both Lighter and Aster currently offer more attractive trader incentives, pushing Hyperliquid further into the underdog position.