Hyperliquid Takes Lead over DEX Exchange Aster with $40.7 Billion Trading Volume

Core Insights - Hyperliquid has achieved a significant trading volume of $40.7 billion in the past week, surpassing competitors Aster and Lighter, indicating strong demand for leverage and decentralization in the crypto market [1][2]. Trading Volume and Market Position - Over the last seven days, Hyperliquid processed approximately $40.7 billion in perpetual futures trading volume, while Aster and Lighter processed $31.7 billion and $25.3 billion, respectively [2]. - Hyperliquid also leads in open interest with about $9.57 billion, compared to roughly $7.34 billion combined across other major perpetual DEXs [3]. Competitive Landscape - The divergence in trading volume and open interest suggests that Hyperliquid is becoming the preferred platform for traders, especially as incentive-driven volumes on rival platforms like Lighter have decreased [4]. - Lighter's trading volume has dropped nearly threefold from its December peak of over $600 million, indicating challenges in retaining liquidity post-airdrop [5]. Token Performance - Despite operational strength, Hyperliquid's token HYPE has seen an 8% decline in price, trading at $24.15, amid a broader market correction and significant unstaking events [6]. - Over 3.2 million HYPE tokens, valued at over $80 million, are expected to be unstaked in the coming days, contributing to selling pressure on the token's price [8].