​​Hyperliquid Holds Leadership Despite the FUD

As the perp DEX war continues, market participants are trying to evaluate and compare the leaders in this narrative.

Despite the recent FUD around Hyperliquid, it remains the more mature platform with stable metrics and no public user incentive programs.

Even though Lighter leads in daily perp volume, Hyperliquid has nearly 7x higher open interest and a much lower turnover.

That usually points to more position-driven, organic activity, while very high turnover can signal churn from airdrop farming or even wash-like volume.