Hyperliquid Still Rules the Perps Market, but HYPE Bulls Face Trouble

Hyperliquid's HYPE token has fallen about 22% from its September record near $98, even as the platform holds roughly $7.7 billion in open interest and a $17 billion market cap. The exchange still dominates perpetuals and runs an aggressive buyback, but its shrinking share of real-world asset trading is a warning sign. Traders should watch whether HYPE can hold its valuation as competitive pressure on its core perps business builds.