Hyperliquid, a prominent decentralized exchange, experienced over $430 million in outflows this week, marking the third-largest outflow in its history. The platform's Total Value Locked (TVL) has decreased to $4 billion, down from a peak of $6 billion in mid-September. This decline comes as new decentralized exchange platforms like Lighter and Aster are capturing a larger share of trading volume, intensifying competition in the market.