Hyperliquid's native token HYPE has jumped more than 60% over the past month, a sharp rally during a period many call a bear market. The surge pushed the perpetual decentralized exchange's market cap to $17.3 billion, making it the ninth-largest cryptocurrency ahead of both Dogecoin and Zcash. Meanwhile, the tokens of two rival perpetual DEXs — Aster and Lighter — are trading far below their all-time highs.
Aster's ASTER token still 70% below its peak
ASTER, the native token of the Aster perpetual DEX, has seen its open interest climb into the billions. That makes it the only other DEX besides Hyperliquid to hit that milestone. Yet the token price sits roughly 70% below its $2.4 all-time high set in September 2024. The gap between usage metrics and token price suggests a market that's pricing in competition or tokenomics concerns.
Lighter's LIT token loses two-thirds of its value
Lighter, the fourth-largest perpetual DEX by open interest, ranks third in daily trading volume — ahead of Variational Omni — despite open interest of $959 million, just shy of the billion-dollar mark. Its native token LIT reached an all-time high of $4 but has since fallen more than 66%. The token's decline reflects a broader trend of new DEX tokens struggling to hold value after initial hype.
What sets Hyperliquid apart
Hyperliquid's market capitalization of $17.3 billion gives it a clear lead in the perpetual DEX space. The 60% monthly rally in HYPE suggests traders are betting on the platform's liquidity and user base as the bear market continues. The exchange's dominance in open interest and volume appears to be translating into token price appreciation that its rivals haven't matched.
ASTER and LIT remain under pressure, and neither has regained its all-time high. For now, Hyperliquid's token is the clear winner among perpetual DEX native assets. Whether the gap narrows depends on whether Aster and Lighter can turn their growing open interest into sustained demand for their tokens.
