Hyperliquid has emerged as the leading decentralized exchange (DEX) for perpetual futures, boasting an open interest of $7.68 billion and a daily trading volume of $2.36 billion. This positions Hyperliquid significantly ahead of its competitors, with Aster trailing at $2.44 billion in open interest and $1.82 billion in trading volume. Other exchanges like edgeX and Paradex report lower figures, underscoring Hyperliquid's market dominance. The platform's success is attributed to its commitment to neutrality and transparency, with no private investors or market maker deals, and a token distribution model that favors early users. However, the $HYPE token faces short-term selling pressure due to the monthly unlocking of 1.2 million tokens for internal parties, which could impact its price dynamics. Traders are advised to consider these factors when engaging with the platform.