The share of Hyperliquid in the perp-DEX segment has decreased from 45% to 8%, yet the platform remains “the most investment-attractive,” according to DeFi analyst Patrick Scott.
Why Hyperliquid is still the best-positioned Perp DEX:
Over the past few weeks…
-Hyperliquid’s share of Perp DEX volume has fallen from 45% to 8%
-Aster’s volume has grown more than 100X to $300b+ last week
-Lighter and edgeX have risen to have comparable volume to Hyperliquid… pic.twitter.com/rfIZzGEdsc— Patrick Scott | Dynamo DeFi (@patfscott) October 2, 2025
According to him, the platform’s key advantage is its sustainable business model. The current capitalization-to-revenue ratio of 12.6 “indicates a fair valuation against the project’s profitability,” the expert emphasized.
“Trading volume records operational activity, while open interest is a barometer of real liquidity. Hyperliquid’s dominance with a 62% market share in this key metric underscores its ability to maintain deep markets even amid fierce competition,” he also noted.
Scott added that a year after the HYPE airdrop, the decentralized exchange has not only retained but also expanded its user base. In his view, loyalty is “a result of product quality, not incentive programs.”
The analyst linked Hyperliquid’s growth prospects to the active development of its ecosystem:
- The HyperEVM network already hosts over 100 deployed protocols, and its TVL exceeds $2 billion;
- The capitalization of the USDH stablecoin has reached $25 million;
- The upcoming launch of the HIP-3 system will allow developers to create perpetual contract markets through HYPE staking.
“Hyperliquid demonstrates resilience in the face of growing competition, maintaining key competitive advantages and expanding its ecosystem beyond the core business model,” Scott concluded.
A New Player in the Perp-DEX Market
The BounceBit team has unveiled a major update. The upgrade transforms the project’s business model from a Bitcoin staking service into a comprehensive DeFi ecosystem with its own perp-DEX.
Revealing BounceBit V3 — Big Bank
A rebasing BB-token standard, a perpetuals DEX and its liquidity pool built into the core.
One chain. One exchange. One big bank.
And all roads lead to $BB. pic.twitter.com/Kvsemk2GkL
— BounceBit (@bounce_bit) October 2, 2025
The key element is the integration of a CeDeFi vault into a cross-chain hub. Users can deposit Bitcoin, Ethereum, Solana, BNB, and USDT, which the system automatically converts into liquid BB-tokens (BBTC, BBETH, and others) within the BounceBit network.
The project also announced a liquidity provider token for perpetual futures — BLP. The new perp-DEX uses this asset pool as a counterparty for all participants.
BLP holders will be able to earn from fees, successful traders’ transactions, and the growth of the entire pool’s value.
In September, trading volume on decentralized perpetual futures exchanges surpassed $1 trillion for the first time. The top three included Aster, Hyperliquid, and Lighter.