Hyperliquid Under Pressure from New Perp DEXs and Binance
Hyperliquid is a leading on-chain order-book perpetual DEX facing intensifying competition from new perp DEX entrants Aster, Lighter and EdgeX. In late September, Aster hit $42.8 billion and Lighter reached $5.7 billion in single-day volume, compared with Hyperliquid’s $4.6 billion. Yet Hyperliquid still leads in monthly volume (near $300 billion), open interest and active users.
New entrants rely on token incentives, airdrops and yield farming to attract mercenary liquidity. Binance has added strategic pressure by launching the JELLYJELLY perpetual contract and backing Aster on BNB Chain.
Hyperliquid’s sticky liquidity stems from its HIP-3 upgrade, native USDH stablecoin, HYPE token and the upcoming HyperEVM ecosystem. Season 3 incentives, USDH auctions and a revenue-sharing model will further strengthen its moat.
Traders should monitor liquidity shifts and short-term volatility. But Hyperliquid’s deep infrastructure and strong fundamentals position it to maintain long-term leadership in the perp DEX space.
Neutral
Competition from Aster, Lighter and EdgeX, backed by aggressive token incentives, may cause short-term volume shifts and price volatility for Hyperliquid’s HYPE token. Binance’s JELLYJELLY perpetual and support for Aster increase market pressure. However, Hyperliquid’s strong monthly volume, open interest, active users and core infrastructure—HIP-3 upgrade, USDH stablecoin, HyperEVM ecosystem—provide a solid foundation. Upcoming Season 3 incentives, USDH auctions and revenue sharing should bolster liquidity and user retention over time. On balance, the news is likely to have a neutral impact on HYPE in the near term, with potential bullish drivers emerging as incentives normalize.