Analysis: Hyperliquid experienced a net outflow of over $430 million this week, indicating intensified competition in the perpetual contract DEX market.

Dune Analytics data shows that Hyperliquid experienced outflows of over $430 million this week, marking the third-highest weekly outflow to date. Furthermore, the total value (TVL) on the Hyperliquid platform has fallen from over $6 billion in mid-September to approximately $4 billion. Analysts believe that emerging competitors like Lighter and Aster have rapidly risen in DEX trading volume rankings this year, continuously eroding Hyperliquid's market dominance. While Hyperliquid still leads in market share, its advantage is not as significant as it was earlier this year. (The Block)