Hyperliquid has once again cemented its position at the forefront of decentralized perpetual exchanges, recording the highest bridged inflows across the sector while decentralized trading continues to expand globally. In the past 24 hours, the exchange attracted more than $53 million in net inflows, a figure that sets it comfortably ahead of every other chain tracked within the same period. The strong liquidity movement reflects the platform’s expanding appeal among both large traders and institutional participants, who appear to be reinforcing their confidence in its infrastructure.
Data from Artemis shows that inflows across blockchain networks have been uneven. While Hyperliquid dominated the charts, Ethereum followed at a distant second with roughly $20 million entering its ecosystem. Several chains—including Sonic, Starknet, Bitcoin, OP Mainnet, Solana, Sui, Mantle, Ink, and Sei—registered more modest but still positive inflows, suggesting pockets of renewed network activity.
However, not all networks shared in the momentum. Base, Arbitrum, and edgeX each saw substantial outflows running into the tens of millions, indicating a retreat of capital from certain ecosystems. Smaller yet notable withdrawals also hit Polygon PoS, Avalanche C-Chain, BNB Chain, Unichain, Berachain, and zkSync Era. The mixed movement underscores shifting trader preferences and a competitive environment where liquidity can migrate quickly.
In the perpetual DEX arena, the 2025 landscape has become a four-way contest involving Hyperliquid, Aster, Lighter, and EdgeX. Hyperliquid continues to retain the highest open interest, supported by its high-throughput HyperBFT consensus system, which many traders view as a reassurance of long-term reliability. Aster, despite its rapid volume surge driven by incentives and endorsements, has faced credibility concerns after allegations of manipulated activity led DeFiLlama to remove some of its posted data. EdgeX remains active but continues to lag significantly behind in user engagement and inflows.
A notable rivalry has also emerged between Hyperliquid and Lighter. Supporters of both platforms have exchanged criticisms online, with some Hyperliquid promoters dismissing Lighter’s reward system. Still, Lighter has consistently outperformed Hyperliquid in monthly trading volume, bolstered by its zero-fee model that encourages higher trade frequency. Analysts note that while low fees may inflate activity, it remains a competitive advantage.
Revenue figures reinforce Hyperliquid’s strong footing. DefiLlama data shows the platform generating $1.76 million in daily revenue, all directed toward buying HYPE tokens for its Assistance Fund. On a weekly and monthly scale, Hyperliquid has recorded nearly $20 million and close to $100 million, respectively. While stablecoin giants Tether and Circle lead overall protocol earnings, Hyperliquid remains one of the highest-earning DEX platforms.
The broader industry backdrop also favors decentralized trading. According to CoinGecko’s Yuqian Lim, DEX volumes have more than tripled relative to centralized exchanges over the past five years. Despite fluctuations, the DEX-to-CEX market share is holding at around 21%, following a peak of 37.4% earlier in the year. With October volumes reaching $419 billion, traders appear increasingly committed to on-chain platforms.
Hyperliquid’s sustained inflows, consistent earnings, and growing institutional confidence highlight why it remains a top contender as the decentralized trading ecosystem continues to evolve.
