Weekly Hyperliquid Outflows Top $430M as Perp DEX Competition Intensifies

The weekly Hyperliquid outflows have just surpassed $430 million, the third-largest weekly capital outflow recorded by the protocol as rivalry intensifies within the decentralized perpetual derivatives sector. On-chain data provided by Dune Analytics shows the sharp downward trend amid rising pressure coming from competition by other perp DEXs like Lighter and Aster, which are quickly gaining momentum in trading volumes and user activity. With capital rotating and shifts in trader behaviors, Hyperliquid’s once-dominant position in the perp DEX market is now experiencing its biggest test to date.

Weekly Hyperliquid Outflows Exceed $430M, Dune Data Shows

According to a Dune Analytics dashboard created by user |sankin eth” data, the Weekly Hyperliquid outflows are over $430 million in the last 7 days. The mass withdrawal was followed by a significant drop in assets under management (AUM), with the total value locked up in Hyperliquid dropping from over $6 billion in mid-September to roughly $4 billion.

Although the motivations of traders themselves are not disclosed on-chain, the timing of the outflows indicates that escalating competition in the decentralized perpetual derivatives market is starting to have a key role to play.

Image 1: Hyperliquid AUM, published on Dune Analytics, provided by @sankin_eth, December 19th, 2025. 

Hyperliquid AUM Decline Hits Token Performance

Hyperliquid native token Hype has also been affected by the AUM drop. According to CoinMarketCap, HYPE price, currently at $24.25, has dropped almost 20% in the last seven days, highlighting larger market weakness and platform-specific capital rotation. However, Hyperliquid is still among the largest perpetual DEXs in terms of both trading volume and open interest, underlining that the protocol still makes a significant contribution to on-chain derivatives.

Chart 1: HYPE live price, published on CoinMarketCap, December 19th, 2025. 

Perp DEX Competition Intensifies as Lighter and Aster Gain Ground

The sudden increase in the Weekly Hyperliquid outflows is due to newer competitors quickly improving their positions. Both Lighter and Aster have vaulted into high-profile positions in decentralized perpetual trading volume this year, though steadily narrowing the gap with Hyperliquid.

Lighter, with investors such as Founders Fund and Ribbit Capital, has been gaining traction with a points-based rewards scheme that many traders feel could set up an airdrop or token generation event (TGE).

A Polymarket agreement involving almost 8 million dollars of volume now assigns a 72% probability that Lighter will conduct a TGE by Dec. 31. This speculation has increased this week, with analysts at Double Top pointing to what they described as the initial transfer of LIT tokens to a Coinbase-linked wallet by the Lighter team, pointing to the similar transfer pattern seen before previous TGEs.

Aster’s Volatile Rise Adds Pressure to Hyperliquid

The development of Aster has also been remarkable, though turbulent. The rebranded protocol went on direct competition with Hyperliquid in September, following a public endorsement of the new brand by Binance co-founder Changpeng “CZ” Zhao. Soon after, Aster became the leader in terms of daily fees and trading volume among perpetual DEXs.

But now controversy followed. When the head of DefiLlama alleged potential wash trading, the token of Aster fell by an average of 10%, prompting the platform to delist Aster’s perpetuals data. The protocol subsequently postponed its Stage 2 airdrop, citing a reason of “potential data inconsistencies.” Despite these problems, Aster has continued to be one of the most active perp DEXs in the market,

VC Interest in Perp DEX Infrastructure Continues to Grow

The investor interest in decentralized derivatives has been high, even when Weekly Hyperliquid outflows signal intensifying competition. Venture capital firms are finding perp DEX infrastructure to be one of the strongest product categories in crypto. In November, Lighter raised $68 million at a $1.5 billion valuation, and real-world asset perpetual platform Ostium announced 24 million in new funding. The transition to on-chain trading, customized execution environments, and rapid scalability with incentives have all been mentioned by investors as factors contributing to a new wave of interest.

Final Outlook: What Weekly Hyperliquid Outflows Mean for Perp DEXs

In conclusion, the record of Weekly Hyperliquid outflows of over $430 million points to a critical turning point in the decentralized perpetual derivatives market. Although Hyperliquid is still a dominant venue in terms of volume and open interest, the rapid rise of Lighter and Aster has considerably decreased its competitive advantage. The capacity of Hyperliquid to retain users and evolve as capital keeps rotating into new platforms and venture funding accelerates across perp DEX infrastructure will be essential in ensuring the company stays at the top of an ever-crowded market.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.