Hyperliquid is rapidly Losing OI Marketshare.
June 1, HL's OI market share was ~84%.
October 1, HL's market share fell to 68%.
In 4 months, Lighter rose from 4th to 2nd place, increasing its OI from $193M to $1.4B. This currently represents 7.4% of the OI marketshare.
Lighter overtook well-known projects Jupiter and GMX, which fell from 2nd and 3rd to 5th and 6th, respectively.
The face of the PerpDEX sector has changed dramatically over the past 4 months – new players are emerging and beginning to offer real competition.
Furthermore, they are rapidly expanding the market.
This demonstrates that the PerpDEX sector is currently a "blue ocean," and therefore, new, little-known players are likely to emerge and rapidly take over the market, as is happening with Lighter and Aster.
Total open interest increased by 2.3x, adding approximately $11B in open interest.
Clearly, capital is flowing from the CEX to the PerpDEX.
This could be the beginning of the end for CEXs.
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