Hyperliquid has rapidly emerged as a dominant force in the decentralized perpetual futures market, capturing almost 80% of trading volume across DEXes. This remarkable achievement highlights the platform’s success in attracting both retail and professional traders. The growth is attributed to Hyperliquid’s unique combination of features – including one-click trading, zero gas fees, and sub-second order finalization – which create a user experience more akin to traditional centralized exchanges than its decentralized counterparts. 2023 saw a dramatic shift in dominance as dYdX struggled to maintain market share, witnessing a decline from 30% early on to a meager 7%, while Hyperliquid solidified its position above 65%. However, this remarkable success comes with potential risks. A recent event involving major liquidations at Hyperliquid has raised concerns about the platform’s long-term sustainability and stability, particularly given the potential for future market fluctuations.