Hyperliquid Still Rules the Perps Market, but HYPE Bulls Face Trouble

Hyperliquid’s HYPE token has retreated roughly 22% from its September record near $98, even as the decentralized trading platform commands approximately $7.7 billion in open interest. With a $17 billion market capitalization, billions in cumulative trading fees, and an aggressive token buyback program, Hyperliquid still remains a heavyweight. Yet shrinking market share in real-world asset (RWA) derivatives, fresh competition, and looming token unlocks have traders questioning whether HYPE’s best days are behind it.