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- Hyperliquid posts a $40.7B weekly surge, widening its lead in perp DEX volume and open interest.
- Incentive-driven rivals lose momentum as Lighter and Aster see sharp declines in trading activity.
- Upcoming unlock of 3.2M HYPE boosts selling pressure despite Hyperliquid’s strong market traction.
Hyperliquid drew strong attention last week after posting a sharp rise in perpetual futures activity. The platform recorded about $40.7 billion in trading volume over the past seven days, according to CryptoRank. This push placed it ahead of key rivals. Demand for leveraged trading remained high as activity shifted across decentralized markets.
Hyperliquid also strengthened its position in open interest. Data showed roughly $9.57 billion locked across its markets. Competing DEXs, including Aster, Lighter, Variational, edgeX, and Paradex, held a combined $7.34 billion. The widening gap signaled deeper engagement from active traders who sought consistent execution.
Competitors lost momentum as incentive-driven flows eased. Aster processed about $31.7 billion in the same period. Lighter handled $25.3 billion, yet it struggled to retain volume after its airdrop cycle ended. Its weekly activity fell sharply from December peaks above $600 million.
Hyperliquid Gains as Competitors Lose Momentum
Stephan Lutz, the CEO of BitMEX, had earlier stated that incentive-based structures diminish as the reward cycles converge. The deceleration of Lighter was an indication of this trend. The fall enabled Hyperliquid to increase its market edge as traders shifted to platforms that displayed liquidity stability. The change revealed apparent disparities in retention strength across derivatives markets.
The token of Hyperliquid, despite this operational momentum, was under pressure. HYPE traded at $23.57 at the time of press. It fell about 8.68% in a wide market retreat. The development of new token unlocks has brought the issue of selling into focus because the supply will increase.
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On-chain data shows that a wallet associated with Tornado Cash was approaching completion of an unstaking of stakes, or a total of 1.5 million HYPE. Continue Capital also announced they were going to unstake almost 1.2 million tokens by January 21. These advancements increased short-term risk to market participants that monitor supply changes.
Large HYPE Unlocks Weigh on Market Sentiment
In total, over 3.2 million HYPEs worth over $80 million were set to be issued in 5 days. Traders believed that exchanges could receive at least some of this amount. The possibility of a sale added a heavier burden to sentiment as regards the token.
The increase in the activity of Hyperliquid highlighted the continuous changes in the perp DEX markets. Strong volume and open interest ensured active trader participation.
As competitors suffered post-incentive contractions, the platform still attracted liquidity. Nevertheless, the short-term performance of the token was hesitant because of the large inflows of unlocks that came to the market.
The divergence between platform performance and token behavior remained clear. Market structure favored Hyperliquid’s depth, while HYPE’s trajectory reflected supply-side pressures. Both trends shaped the current narrative around the fast-growing derivatives venue.
Also Read: Hyperliquid Records Strong $80M Net Inflows Despite Token Decline
