In the ever-changing cryptocurrency market, the race for perpetual contract DEX (Perp DEX) seems to have prematurely entered its final stage. As the former king dYdX saw its market share plummet from 73% to single digits, and GMX was forced to hire "traditional professional managers" to seek self-rescue, a "three-no project"—Hyperliquid, which has no VC, no financing, and even no large-scale publicity, has taken an almost crushing stance to dominate the track absolutely.

AiCoin Data Insights: We believe that data is the only truth to test all business models. This article will reveal why Hyperliquid has stood out in this mid-battle through a deep analysis of multidimensional data and what future trading patterns it unveils for us.  

Overwhelming Advantage: Absolute Monopoly of Market Share

Let’s  first look at a set of the most intuitive data. According to CoinGecko statistics as of March 26, Hyperliquid's 24-hour open interest accounts for a staggering 54% of the total among the top ten perpetual DEXs, exceeding the combined total of the other nine platforms on the list.

This absolute lead is not an overnight achievement but an inevitable result of making the right underlying strategic choices. While dYdX struggles with user loss and value capture failure due to the v4 migration, and while GMX barely holds on under the TVL ceiling of its liquidity pool model, Hyperliquid has already redefined the entire track.

Victory of Strategy: Market Maker Ecosystem Takes Precedence

The rise of Hyperliquid is essentially a victory of strategic patience and strategic resolve. A deep analysis by ChainCatcher points out the root cause of dYdX's failure: launching synthetic assets like Tesla without a mature market maker ecosystem resulted in an average daily trading volume of only $4,000, becoming a laughingstock.

In contrast, Hyperliquid chose a completely opposite path:

 

• L1 and On-chain Order Book: From day one, founder Jeff chose the arduous path of building an L1 and insisting on a completely on-chain order book. This ensures complete transparency and high performance for trading, providing a fertile ground for professional market makers to manage risk and quote precisely.
• Internal First, External Later, Crypto First, Then TradFi: During the platform's cold start phase, Hyperliquid did not rush for success but patiently cultivated and accumulated core market makers through native crypto assets. Only when the market maker ecosystem matured sufficiently did it cautiously introduce commodities like gold and crude oil in October 2025 through the HIP-3 proposal.

The power of this strategic choice was perfectly validated in recent geopolitical conflicts. When the situation in Iran escalated and traditional commodity exchanges (CME) were closed for the weekend, traders worldwide seeking price discovery and risk hedging flocked to Hyperliquid. As a result, the daily trading volume of crude oil perpetual contracts surpassed $2.2 billion, second only to Bitcoin.

Narrative Upgrade: From "Crypto DEX" to "Global 7x24 Macro Hedging Center"

Recent reports from CoinDesk and crypto.news further confirm this trend. On Hyperliquid, the combined 24-hour trading volume of crude oil and silver contracts has stabilized at over $900 million to $2 billion, far exceeding top crypto assets like SOL (approximately $176 million) and XRP (approximately $31 million).

This marks a fundamental narrative shift: Hyperliquid is no longer just a "Crypto DEX" competing with dYdX and GMX but is becoming a "global 7x24 macro hedging center" in competition with CME and ICE. Its core value proposition has upgraded from "decentralized trading of cryptocurrencies" to "providing uninterrupted liquidity for all global assets."

As Theo's Chief Investment Officer Iggy Ioppe said: "On-chain commodity futures are no longer just a place for native crypto investors." Hyperliquid is attracting the attention and funds of the traditional financial world.

AiCoin: Perfect Combination of Professional Analysis and Lightning Execution

In the face of a platform that is reshaping the global trading landscape, a professional trading terminal is an essential tool to seize the era's dividends. AiCoin provides professional traders with a seamless experience from analysis to execution—through PC, you can securely authorize your Hyperliquid account with one click, eliminating cumbersome API setups; on the chart, utilize the exclusive "Lightning Order" floating panel to achieve millisecond-level ordering, position closing, and adjustments, gaining the upper hand in volatile macro conditions.

Practical operations are super simple:

Step 1: Open the Hyperliquid BTC/USDC candlestick chart in AiCoin

Step 2: Find the toolbar and check Lightning Order

Step 3: Directly click the green "Buy Long" or red "Sell Short" → Instant execution

Exclusive Benefits: When you register or authorize Hyperliquid through AiCoin and bind the invitation relationship (Invitation Code: AICOIN88), you can enjoy a 4% fee rebate!

https://app.hyperliquid.xyz/join/AICOIN88

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📖 Beginner's Tutorial:

"AiCoin PC End Hyperliquid Authorization Trading Tutorial":

https://www.aicoin.com/zh-Hans/article/514197

 

"Zero Basics Entry! Extremely Detailed Illustrated Tutorial for First Trade on Hyperliquid":

https://www.aicoin.com/zh-Hans/article/510225

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