Hyperliquid's lead in the CLOB wars: market share, OI and users
Quote126 words
Hyperliquid holds over 30% perp DEX volume share and 57% of open interest, with 720k users and growing HyperEVM and HIP-3. Cites its VC-free distribution and airdrop anticipation as adoption drivers.
Key claims
Over 30% perp DEX volume share
57% open interest share
720k users with daily net new users up only
Competition amid the CLOB wars is clearly accelerating.
Yet, Hyperliquid remains the leader:
- Holds >30% perp DEX market share (based on volume)
- Clear leader wrt Open Interest in DEX space (57% market share)
- 720k users with daily net new user numbers still up only
- Growing TVL, accelerating HyperEVM growth & HIP-3 nearing mainnet
- Unique incentive structure that made early users rich and remains adoption driver until today given VC-free token distro (anticipation of more airdrops ahead)
We have been talking a lot about the emerging competitors to HL as part of the CLOB campaign we've been hosting with @a1research__ in the past two weeks.
Yday, we did a piece dedicated solely to the "king of perps".
Check it out below! ↓
QUOTING @a1research__
t.co/5hLiCi9cr8
t.co/5hLiCi9cr8
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What came next · since 10 Oct 2025
Since then
Zero has written 18 more pieces on Hyperliquid since this one.
- State of Hyperliquid: two years after the airdrop (A1 Research report)On Hyperliquid
- Hyperliquid's US regulatory path: HyperCore, HIP-3 deployers and buildersOn Hyperliquid
- Hyperliquid ecosystem briefing: 14 days of regulation, HIP-3/4, RWAs, revenueOn Hyperliquid
- Why profitable onchain businesses deserve attention: Hyperliquid and PumpOn Hyperliquid