Weekly Hyperliquid outflows top $430M as Lighter and Aster tighten perp DEX competition: Dune

Hyperliquid has witnessed its third-largest weekly outflow on record amid mounting competitive pressures in the decentralized perpetual derivatives market.

According to a Dune Analytics dashboard compiled by user sankin_eth, outflows for Hyperliquid exceeded $430 million over the past seven days. The mass exit also echoes a decline in assets under management, with the protocol’s total value locked slipping from north of $6 billion in mid-September to roughly $4 billion.

Amid the AUM drop, the protocol’s native token HYPE has also fallen nearly 20% in the past week during a broad market downturn, The Block’s price page shows.

Hyperliquid AUM falls by $430 million in a week | Image: Dune Analytics/@sankin_eth.

Perp DEX wars

While onchain data does not necessarily reveal trader motivations, a tussle among decentralized perpetual venues may be contributing to the rotation of capital.

The withdrawals come as newer rivals such as Lighter and Aster have vaulted into prominent spots in perp DEX trading volume rankings this year, carving into Hyperliquid’s dominant position in DEX perp markets.

Lighter, backed by investors including Founders Fund and Ribbit Capital, has gained traction under a points-based rewards system that many traders believe could precede an airdrop or token generation event.

A Polymarket contract with nearly $8 million in volume currently prices a roughly 72% probability that Lighter conducts a TGE by Dec. 31. Speculation especially accelerated this week after onchain analysts from research group Double Top highlighted what appeared to be the Lighter team’s first movement of $LIT tokens to a Coinbase-linked wallet. They said the supposed pattern is similar to transfers that preceded recent TGEs.

Aster’s growth has also been notable, though turbulent. In September, the rebranded protocol surged into direct competition with Hyperliquid after Binance co-founder Changpeng “CZ” Zhao endorsed it. Days later, Aster reached the top position in daily fees and volume among perpetual DEXs. But that momentum quickly gave way to controversy.

Aster’s token dropped 10% after DefiLlama’s head alleged potential wash trading and subsequently delisted its perpetuals data. Soon after, YZi Labs-backed Aster delayed its Stage 2 airdrop, citing “potential data inconsistencies.” Despite this, Aster has remained one of the most active perp DEXs despite the setbacks.

Even after recent outflows, industry data shows Hyperliquid is still one of the largest perpetual DEX venues by both volume and open interest.

Yet, the competitive gap has narrowed. The Block’s data indicates that both Lighter and Aster have captured meaningful slices of trading activity in recent months, with Hyperliquid still leading by market share but not by the margins seen earlier this year.

As venues compete for users and patronage, venture capital’s appetite for decentralized derivatives platforms has also strengthened this year.

According to previous coverage from The Block, investors have increasingly targeted perp DEX infrastructure, viewing derivatives as one of crypto’s most durable product categories, with trading activity less dependent on retail cycles.

For example, Lighter raised $68 million at a $1.5 billion valuation in November. Ostium, another similar platform that focuses on perp contracts for real-world assets, announced $24 million in fresh funding to scale its product.

Firms backing the sector have cited the shift toward onchain trading, the growth of tailor-made execution environments, and the ability for new venues to scale rapidly through incentives and product innovation as key reasons for renewed investment.