TL;DR
- Hyperliquid led the seven-day perp DEX leaderboard with about $40.7B in volume, beating Aster’s $31.7B and Lighter’s $25.3B over the past week, widening its gap at the top.
- Open interest is even more concentrated: Hyperliquid near $9.57B versus Aster $2.73B, Lighter $1.42B, Variational $1.32B, edgeX $1.2B, Paradex $0.67B.
- With scale reinforcing tighter spreads and deeper books, competition may pivot from incentive programs to differentiated execution, reliability, capital efficiency, and risk infrastructure.
Hyperliquid is widening its lead in decentralized perpetuals, and the numbers suggest traders are quietly choosing a main venue. Over the last seven days, it processed about $40.7B in perpetual futures volume, ahead of Aster at $31.7B and Lighter at $25.3B, based on CryptoRank data. Liquidity that used to feel scattered is starting to look concentrated. The market is signaling that one dominant perp DEX is becoming the default risk venue. That change is still unfolding, but it already hints at a winner-takes-most phase for onchain leverage. In practice, deeper books can mean tighter spreads.
Open Interest Concentration Signals Structural Advantage
Open interest makes the divergence even harder to ignore. Hyperliquid holds around $9.57B in open interest, a figure that exceeds the combined open interest of several major decentralized perp exchanges. Aster sits near $2.73B, Lighter about $1.42B, Variational $1.32B, edgeX $1.2B, and Paradex $0.67B. Those gaps are not just vanity metrics; they show where traders are parking leveraged exposure. Open interest concentration is acting like proof that scale has become a structural advantage. It suggests users are not just chasing incentives; they trust liquidity depth, execution quality, and the risk infrastructure behind the venue overall.
Volumes alone can be noisy, but taken with open interest they tell a cleaner story about habit formation. The data highlights a decisive shift in trader preference toward one dominant venue rather than fragmented liquidity across multiple platforms. Aster and Lighter are still posting substantial activity, yet Hyperliquid increasingly functions as the primary place to hold onchain leveraged positions. Traders appear to be optimizing for reliability, not just rewards, as they choose where to take risk. High open interest typically maps to deeper order books and tighter spreads, reinforcing the lead once scale is reached.
If the current pattern holds, the perp DEX playbook may get rewritten. Instead of competing mainly through incentive programs, challengers may have to win on differentiated execution, reliability, and capital efficiency, the areas where Hyperliquid is described as having a measurable lead. That is how winner-takes-most markets tend to crystallize: more positions create more depth, which attracts more positions. For the sector, the real question is whether dominance becomes durable once traders treat Hyperliquid as the default venue. The next leg of competition looks less like marketing and more like infrastructure built to manage risk.
