2025-12-26 22:40:29

The perpetual futures DEX space is showing interesting divergence in its growth patterns. Hyperliquid is pulling significantly ahead in the perp market segment, commanding open interest levels that dwarf those of competitors like Lighter by a factor of 7. What's noteworthy here isn't just the volume numbers—it's the quality of that activity. Despite the usual market noise and recent skepticism floating around, the turnover metrics suggest this growth is coming from genuine user engagement rather than artificial volume pumping. The lower turnover rate indicates more sustained positioning and less rapid order cycling, which typically points to organic market participation. For traders evaluating which DEX infrastructure to use, this data hints at where liquidity and real market activity are actually concentrating in the perpetual derivatives space.

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OnchainDetective

· 12-26 23:09

Wow, Hyperliquid's data is interesting... a 7x difference. On the surface, it looks like a crushing victory, but take a closer look — the low turnover rate is the real clue. According to on-chain data, this isn't just a simple volume game; it's real gold and silver positioning. I had already guessed that those smaller perp DEXs could never keep up.

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BuyTheTop

· 12-26 23:08

Hyperliquid is really about to take off, the data is right here --- A 7x difference... this is the market voting --- Finally someone explained the turnover rate clearly, true liquidity vs fake prosperity can be distinguished at a glance --- I just want to know what lighter thinks, being beaten like this --- Genuine engagement... in simple terms, it's where the money flows, the answer is very clear --- Not all volume is the same, this is the kind of analysis I love to hear --- Looking at this open interest data, I feel reassured, it's not another bubble

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GasFeeAssassin

· 12-26 22:53

hyperliquid this wave is really crushing, a 7x gap is no joke --- Low turnover indicates that everyone is truly holding positions, not just chopping the leeks back and forth --- The trend of liquidity accumulating in hyperliquid... other platforms need to think about how to break the deadlock --- Organic growth vs. false prosperity, data will speak for itself --- It seems necessary to move the main positions to areas with deep liquidity, otherwise slippage can kill you --- It’s inevitable that hyperliquid will eliminate lighter, the gap is right here --- Quality > Quantity, finally someone understands this principle

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