Cointelegraph: Hyperliquid's dominance has fallen from 70% to 30% from Q2 to Q3 when measuring by volume! Reality: Hyperliquid's revenue saw a $100M increase QoQ (+158% growth). Volume is a meaningless metric when comparing exchanges. Revenue is not. Hyperliquid
⚡️ RESEARCH: Hyperliquid still leads perp DEXs, but dominance is fading. Its market share dropped from 70%+ to just over 30%, while newcomers like Lighter and Aster are rapidly catching up as users rotate for better fees, incentives and trading speed. Is this fragmentation a sign of healthy competition, or the start of a liquidity war in onchain futures?
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