Hyperliquid recorded more than $430 million in net outflows over the past seven days, marking its third-largest weekly outflow event, according to Dune dashboard data compiled by user sankin_eth.
The withdrawals coincide with a decline in assets under management, with total value locked falling from above $6 billion in mid-September to roughly $4 billion, per the same data. The report also notes that Hyperliquid’s native token HYPE fell nearly 20% over the past week during a broader market downturn.
Competition is tightening across decentralized perpetuals. The report says newer rivals Lighter and Aster have climbed trading-volume rankings this year, narrowing Hyperliquid’s lead. Lighter has gained traction via a points-based rewards system, with a Polymarket contract pricing about a 72% probability of a token generation event by Dec. 31. Aster’s growth has been volatile: it surged after an endorsement by Binance co-founder Changpeng “CZ” Zhao, then faced wash-trading allegations and delayed an airdrop stage citing “potential data inconsistencies.” Even after the outflows, the report says Hyperliquid remains among the largest perp DEX venues by volume and open interest, but the gap has narrowed.
Source: Dune Analytics (sankin_eth dashboard).
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