HYPE overview and forecast!
HYPEUSDT
Perp
29.32
+3.41%
HYPE is trading around $29, down 30% over the month to a seven-month low. Hyperliquid has gone from being the dominant leader to playing the role of the underdog.
Reason for the decline?
Critical loss of market share (70% → 20%)
Hyperliquid dominated the DEX perpetual contract market with a 73% share in mid-2025. By December, its share had fallen to 20%.
Spot volumes decreased by 36%
futures volume fell by 30%
Competitive threat:
Lighter raised $68 million in funding at a valuation of $1.5 billion with a zero-fee model and spot trading features.
Aster captured aggressive incentives, receiving approximately 19% of the volume.
Both platforms surpass Hyperliquid in terms of incentives for traders.