Weekly Hyperliquid outflows top $430M as Lighter and Aster tighten perp DEX competition: Dune
Hyperliquid saw over $430 million in weekly outflows amid increased competition from rivals Lighter and Aster in the perp DEX market.Summary
Decentralized perpetual exchange Hyperliquid experienced its third-largest weekly outflow on record, exceeding $430 million, leading to its Total Value Locked (TVL) dropping from over $6 billion to roughly $4 billion since mid-September. This capital rotation is occurring amid intensifying competition from newer decentralized perpetual DEXs like Lighter and Aster, which are gaining significant trading volume market share. Lighter has attracted users with a points-based rewards system fueling speculation about a potential token generation event (TGE), while Aster surged after an endorsement from Binance co-founder CZ, despite subsequent controversies regarding wash trading allegations and a delayed airdrop. Although Hyperliquid remains a major venue, the competitive gap has narrowed considerably. This broader competition in decentralized derivatives platforms is also attracting significant venture capital interest, with firms funding infrastructure based on the perceived durability of derivatives products in crypto.
(Source：The Block)