Hyperliquid remains a leading perpetual decentralized exchange (Perp DEX) despite a significant drop in its market share from 45% to 8% in recent weeks. Patrick Scott highlights that while competitors such as Aster have seen their volumes surge over 100 times to exceed $300 billion weekly, Hyperliquid's strategic positioning and investment potential remain robust. Scott identifies potential risks to Hyperliquid's standing, including a decline in absolute volume alongside market share loss, significant reductions in Open Interest, or issues with USDH's liquidity and stability. Despite these challenges, Hyperliquid's foundational strengths continue to make it a compelling choice for investors.