Jupiter vs Hyperliquid: Web3 Liquidity Aggregator Battle
The article explores the ongoing competition among Web3 aggregators to control value flows and liquidity. Hyperliquid has built one of the deepest perpetual contract order books and opened its API to wallets and dApps—enabling platforms like Phantom to access narrow spreads and process over $13 billion in monthly trading volume. Meanwhile, Jupiter has emerged as Solana’s default spot-trading aggregator, consolidating fragmented liquidity from Orca, Raydium, Serum, and others via smart order routing, at one point accounting for nearly half of Solana’s compute usage. To strengthen its flywheel, Jupiter has acquired Moonshot, DRiP, and Portfolio—adding token launchpads, NFT minting, and position management to its feature set and climbing from basic price discovery through execution to full distribution control. Beyond acquisitions, Jupiter is developing Jupnet, a parallel low-latency execution layer with native Solana settlement, designed to meet financial-grade performance. This aggregator battle is reshaping DeFi liquidity infrastructure and will influence where traders and dApps route orders.
Bullish
The news is bullish for DeFi markets because stronger aggregators typically enhance trading efficiency, reduce slippage, and attract more volume. Historically, platforms like Uniswap and 1inch drove up trading activity when they deepened liquidity and improved execution, benefiting both traders and protocol revenues. Hyperliquid’s deep perpetual order books and open API model will continue to draw institutional and retail flows, while Jupiter’s consolidation of Solana spot liquidity and its expansion into token launches, NFT minting, and Jupnet execution promise sustained network effects. In the short term, we can expect tighter spreads and higher on-chain trading volumes; in the long term, leading aggregators will cement their moats, boost protocol usage, and potentially support token appreciation for associated projects.