Hyperliquid has emerged as the leading decentralized exchange for perpetual futures trading, surpassing competitors like Aster and Lighter. Over the past week, Hyperliquid processed approximately $40.7 billion in perpetual trading volume, outpacing Aster's $31.7 billion and Lighter's $25.3 billion, according to CryptoRank and DefiLlama data. The exchange also leads in open interest, holding about $9.57 billion, compared to $7.34 billion combined for other major decentralized exchanges. This dominance suggests traders prefer Hyperliquid for holding leveraged positions. Despite its operational success, Hyperliquid's governance token, HYPE, faces pressure amid concerns over emissions and long-term value. The market currently distinguishes between the platform's utility and its token's economic prospects.