Hyperliquid (HYPE)

Follow-up on $HYPE When I wrote about @HyperliquidX around ~$25, the focus wasnt a bounce, it was stabilization after a deep drawdown. Since then: • $HYPE held key support and stabilized above the $25.2 Fib level • Onchain perps volume across the sector is now ~$972B/month • Attention has shifted back to protocol fundamentals and upcoming supply decisions Still early, but the same thing stands out: downside momentum cooled first. Structure is slowly rebuilding.

The Perpetual DEX market is undergoing a period of robust growth, with total trading volume reaching $21.4 billion, a nearly 20% increase within just 24 hours. This surge indicates a significant capital shift from Centralized Exchanges (CEX) to On-chain solutions, driven by transparency and self-custody. High Open Interest (OI) across the ecosystem demonstrates that traders are actively employing leverage, creating a high-liquidity yet volatile environment. Looking closer at the specifics, Hyperliquid is asserting its dominance with a record OI of $7.7 billion. This figure reflects not only user trust but also the superior efficiency of its underlying infrastructure. Following behind are Aster and Lighter, both maintaining impressive trading volumes exceeding $3 billion, forming a "Big 3" that leads the market. However, the 7-day trend charts (7d Volume) are predominantly red, signaling a slight cooling-off in trading activity after a period of euphoria. Divergence among platforms is also evident in the number of trading pairs (Perpetuals), where top-tier DEXs are aggressively diversifying their listings to capture market share from traditional financial segments.

I haven't sold $HYPE at 60u But I have sold $LIT at 17u @Backpack @Backpack_CN https://t.co/eg1NaB8EdW

Trying to find the 'next hyperliquid' is futile and these future dexes are all going to trade to $0 in general. Hyperliquid and Lighter are top 2 and you'll decrease in fdv significantly with each step down. Dex #s 3-6 have little value imo and even worse beyond that

I'm not saying it's not a good decision to ask your bros to put you on the next potential cook in a particular niche but most of the time, you might just end up losing it. what do I mean? we've seen this playbook most of the time. oh, the narrative is zk, let's say the first project cooks and you miss, the next zk project might just be there for the hype and boom you FOMO in and get burnt. 90% of the time, a project cooking well from a particular narrative doesn't mean the next-ups will be meals too. you prolly might end up being the scapegoat. now to perps, you actually need financial skin in game. You need to have the ability to burn good monies in hopes for rewards (degenerate behavior ngl). I know you might have prolly missed out on hyperliquid, missed aster and now missed lighter. and I'm not saying you shouldn't look for the next perp to quickly position for since players in perps are really small cuz not everybody have the skin to lose money. but this might also be the top for perps or nah tl;Dr > FOMOing into the next project in hopes of it being the next cook is 80% a bad idea. so just sit down, breathe and let the cope enter and once you're in the right headspace you can properly start to restrategize

Hyperliquid $HYPE is still leading onchain perps by accumulated volume. But the lead isn’t as comfortable anymore. • Dominance is thinning, not collapsing • New competitors are actually sticking • Lighter ($LIT) is gaining traction on Ethereum • Aster ($ASTER) is picking up flow on BNB Chain This doesn’t look like a sudden flip. It looks like flow starting to fragment as traders shop for better fees, UX, and incentives. The perp DEX market is no longer “winner takes all”. From here, market share has to be earned every single day. Do you see this turning into a real multi-chain race… or does one platform still end up owning most of the volume?

Never forget. Now you'll start seeing people who told you: 'I told you' 'The best airdrop of my life' 'I warned you' Don't be frustrated if you haven't given it your all, those people are like dementors who live on the fear of ego they absorb due to low self-esteem. There will be more in 2026. Stay away from the ghosts I am already starting to see and remember @LexMorenoCripto's post 👇