Hyperliquid (HYPE) is still the most worthwhile Perpetual DEX to invest in.

Patrick Scott explains why Hyperliquid remains the best-positioned and most investable Perpetual DEX, despite its market share recently falling from 45% to 8%. While competitors like Aster, Lighter, and edgeX have seen strong trading volume growth—Aster alone has increased over 100 times, surpassing 300 billion USD per week—Hyperliquid still holds strategic advantages that attract investors.

Scott emphasized the risks that weaken the argument about Hyperliquid, including a fall in absolute trading volume leading to a loss of market share, a significant drop in Open Interest, or prolonged depreciation of USDH and stagnant liquidity growth. These factors will diminish its market position. However, strong infrastructure, solid liquidity mechanisms, and investor confidence help Hyperliquid remain a resilient and leading competitor in the Perp DEX space, ready for long-term growth even as competition increases.