Hyperliquid Still Rules the Perps Market, but HYPE Bulls Face Trouble

Hyperliquid's HYPE token has retreated roughly 22% from its September record near $98, even as the platform commands approximately $7.7 billion in open interest. With a $17 billion market cap, billions in cumulative trading fees, and an aggressive buyback program, Hyperliquid remains a heavyweight, though shrinking market share in real-world assets poses challenges.