@zhoutiantian
Post-Hyperliquid Season 3 (points-driven incentives ongoing into 2026), the protocol maintains ~70% dominance in decentralized perpetuals, with daily volumes often >$7B and open interest ~$8-16B.
Market share potential remains strong, fueled by Hyperliquid L1's high-performance orderbook, permissionless listings (HIP-3), and record user growth.
Competition risks are rising — Aster ranks second with significant volume, while Drift, dYdX, GMX, and new entrants challenge liquidity. Token unlocks and broader market shifts could pressure sustained leadership.
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