Hyperliquid Tops $1T+ Perps Market as HYPE Falls 13% Amid Lighter/Aster Gains
Perpetual futures (perps) trading volume topped $1 trillion in 2025 as adoption and platform innovation expanded derivatives activity. Hyperliquid remains the market leader, accounting for over 50% of perp volume and the largest active user base, supported by deep liquidity, decentralized order execution and a strategic merger with Sonnet that broadened U.S. access. New entrants Lighter and Aster have captured significant share—roughly 28% and 19% of recent perp volume respectively—narrowing market concentration and increasing competition. On-chain metrics for Hyperliquid show stable engagement: open interest held around $1.28–$1.29 billion and funding rates were slightly positive (~0.01%), indicating a persistent long bias and no signs of mass deleveraging. Nonetheless, the HYPE token fell about 13% in the past week. Technical indicators (TradingView) show HYPE trading below key moving averages with a neutral-to-bearish RSI, suggesting short-term weakness largely driven by sentiment and macro pressure rather than deteriorating on-chain fundamentals. Corporate events — including a prior $265 million acquisition bid and the Sonnet merger — improve treasury and U.S. market access and could attract institutional flows. For traders: monitor HYPE technical levels and funding rates for reversal or unwind signals; watch market-share shifts to Lighter and Aster for liquidity and fee opportunities; and track regulatory or corporate developments (Sonnet integration, bids) that could catalyze renewed demand.
Neutral
The combined news shows mixed signals for HYPE price action. Positive on-chain metrics—stable open interest (~$1.28–$1.29B) and slightly positive funding rates (~0.01%)—and corporate catalysts (Sonnet merger, prior $265M bid) support medium-to-long-term demand and institutional access, which are bullish fundamentals. However, the token’s ~13% weekly drop and technicals (below key moving averages, neutral-to-bearish RSI) reflect short-term sentiment weakness and macro pressure. Competition from Lighter and Aster grabbing notable market share increases structural uncertainty for fee and liquidity dynamics. For traders, this translates to a neutral near-term outlook for HYPE: price may remain pressured until technicals improve or a corporate/regulatory catalyst restores confidence, while on-chain stability reduces the likelihood of a sharp deleveraging-driven crash. Short-term traders should monitor funding rates and technical levels for momentum shifts; longer-term holders may view dips as exposure opportunities if corporate integration proceeds and market share stabilizes.