$BTC Major Shift in Perp Markets

Hyperliquid’s run at the top is cracking. Not long ago, HYPE controlled nearly 70 percent of the decentralized perpetuals space. Today, that grip has slipped under 20 percent, a sharp reset that the entire sector is watching closely.

Aster DEX and Lighter are pushing hard with fresh incentives, and traders are clearly moving with the flow. The narrative around HYPE has changed fast. It is no longer seen as the untouchable leader, but a giant forced to defend its ground.

Is this just a temporary slide or the start of a long-term structural shift in Perp DEX dominance?

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