2026-01-18 15:25:10

What was the hottest track in the entire crypto market last year? The competition among perpetual trading platforms definitely ranks high. Hyperliquid once became the focus, but what exactly happened behind the scenes? Let’s break it down.

Recently, I reviewed the mainstream perpetual trading products on the market. The performance of these platforms has been quite volatile. Take hype coin, for example—this guy soared from $9 to over $50, then dropped back to around $25. This rollercoaster operation is truly remarkable. Is Hyperliquid being overtaken by competitors, or is there an issue with the platform’s incentive mechanism? This is a question worth pondering.

Currently, the perpetual trading space is truly a hidden dragon and crouching tiger. New players like Aster and Lighter are fighting for territory. Lighter’s recent moves have been even more aggressive, and some major project teams have started launching their own perpetual platforms. A major platform’s product launch event and the Twitter Space’s online audience once hit a new high, which is quite rare in the Web3 industry.

What’s interesting is that this competition is a genuine market share division process. Wallets, mainstream exchanges, DEXs, AI trading tools—these participants are all battling in this track. Various roles are entering from different dimensions. Who will be the last to laugh? It all depends on how each project balances product design, user experience, and fee models.

HYPE-2.23%

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ZKProofster

· 6h ago

honestly the hype coin volatility is textbook liquidity crisis dressed up as "market competition"—technically speaking, when your token swings $9 to $50 to $25 in that timeframe, you're not looking at healthy adoption, you're watching incentive misalignment play out in real time. the math just doesn't check out.

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MainnetDelayedAgain

· 6h ago

According to the database, soaring from $9 to $50 and then back to $25, this move is already enough to be listed in the Guinness World Records.

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TestnetFreeloader

· 6h ago

Hype, this wave dropped from 50 to 25, I really can't hold on anymore. If I had known earlier, I would have bought the dip... Now everyone in this track wants a piece of the pie. Let's see who can survive until the end.

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MeaninglessGwei

· 6h ago

hype this roller coaster is really amazing, dropping from 50 to 25, feeling like being cut multiple times Lighter's momentum is indeed strong, but how long the stacked incentives can last is really hard to say The perpetual track is now a race for armament, whoever has lower fees wins I think in the end, the big exchanges will still eat this cake; no matter how new platforms compete, they can't beat them No, now every project wants to build its own trading platform, this logic is a bit absurd Having a good product experience is useless; it all depends on whether the coin price drops or not. When the price drops, everyone is useless How is the Aster side doing? Seems like there hasn't been much news lately

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DisillusiionOracle

· 6h ago

Hype drops from 50 to 25. Is this what you call competitive vitality? I think the strategy of burning money to boost popularity through incentive mechanisms will eventually have to settle the debt. What’s the big deal about Lighter’s grand momentum? When it really heats up, it will just be another wave of zeroing out. Perpetual trading is just a meat grinder; whoever has the lowest fees wins. Don’t talk about product design.

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GhostAddressMiner

· 6h ago

Watching Hype rise from 9 to 50 and then fall back to 25, this trend itself is quite intriguing. I tracked the on-chain large holder's fund migration trajectory, and those early coin-holding addresses experienced several waves of abnormal large-scale transfers at the peak. The contract addresses they point to are currently all dormant. Is it really a collapse of the incentive mechanism, or is someone carefully orchestrating a liquidity trap? I can't quite see through it right now.

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PumpDetector

· 6h ago

hype's pump-and-dump pattern screams institutional dump to me ngl... 9 to 50 then back to 25? that's not market correction, that's whale psychology warfare. been reading the on-chain flows and the smart money literally disappeared mid-run. classic.

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