《With Challenges from Aster, Lighter, and Others, Does Hyperliquid Still Have an Edge?》 (Author: Patrick Scott) Despite the surge in trading volume and market share grabs by emerging platforms like Aster, Lighter, and edgeX, Hyperliquid remains the Perp DEX with the strongest fundamentals. Its revenue is stable, the market cap-to-earnings ratio is reasonable, and its Open Interest still accounts for 62%, showcasing strong user retention and product competitiveness.