Hyperliquid has emerged as the dominant player in the perpetual decentralized exchange (Perp DEX) market, commanding 48% of the total open interest across major platforms, according to DefiLlama data. Despite a 15% week-over-week decline in open interest, Hyperliquid's share nearly matches the combined total of all other platforms. The platform's 24-hour trading volume stands at approximately $5.83 billion, with a total value locked (TVL) of $4.41 billion and open interest of $7.42 billion. Since January, Hyperliquid has consistently led in trading volume, a position previously influenced by the Lighter token incentive program. Other notable platforms include Aster with a 24-hour trading volume of $3.81 billion and EdgeX at $3.71 billion. The overall market has seen a decline in trading volumes and open interest, reflecting cautious sentiment among traders.