Perp trading volume has surged past $1 trillion in 2025, driven by increased competition among platforms like Hyperliquid, Lighter, and Aster. Despite Hyperliquid's dominance, its HYPE token dipped 13% amid shifting sentiment, while open interest remains stable at $1.28 billion. Hyperliquid holds over 50% market share in perp trading volume, maintaining leadership despite new entrants. [...]
