2026-01-18 15:25:10

What was the hottest track in the entire crypto market last year? The competition among perpetual trading platforms definitely ranks high. Hyperliquid once became the focus, but what exactly happened behind the scenes? Let’s break it down.

Recently, I reviewed the mainstream perpetual trading products on the market. The performance of these platforms has been quite volatile. Take hype coin, for example—this guy soared from $9 to over $50, then dropped back to around $25. This rollercoaster operation is truly remarkable. Is Hyperliquid being overtaken by competitors, or is there an issue with the platform’s incentive mechanism? This is a question worth pondering.

Currently, the perpetual trading space is truly a hidden dragon and crouching tiger. New players like Aster and Lighter are fighting for territory. Lighter’s recent moves have been even more aggressive, and some major project teams have started launching their own perpetual platforms. A major platform’s product launch event and the Twitter Space’s online audience once hit a new high, which is quite rare in the Web3 industry.

What’s interesting is that this competition is a genuine market share division process. Wallets, mainstream exchanges, DEXs, AI trading tools—these participants are all battling in this track. Various roles are entering from different dimensions. Who will be the last to laugh? It all depends on how each project balances product design, user experience, and fee models.

HYPE11,58%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

17 Likes

Reward
17
10
Repost
Share

Comment

0/400

RugPullProphet

· 01-21 12:59

HYPE drops from 50 to 25, truly testing the edge of pulling the rug. The incentive mechanism is maxed out but can't retain people, and that's the real problem. Lighter's move this time is indeed fierce, but the perpetual track has long been a red ocean. Who can survive until the end is really uncertain. Everyone is fighting for the market share, it all depends on who’s product experience is not garbage and wins. There are so many perpetual platforms, it feels like a matter of time before a shakeout occurs; only a few will survive. HYPE's coin price is like playing snake and ladder; there must be something behind it.

View OriginalReply0

HappyMinerUncle

· 01-20 18:52

Hype this wave dropped from 50 to 25, which is really intense. It feels like everyone is betting on who can survive until the end. Lighter is indeed stirring things up, but once the incentive mechanism loosens, it’s easy to cool off. The perpetual track is now a war of warlords; whoever has a better product experience wins. To put it simply, it still depends on who has lower fees and smaller slippage. Should Hyperliquid simply reduce incentives to stabilize the base? With the entire track so competitive, it’s probably going to end up consolidating in the end.

View OriginalReply0

Ser_This_Is_A_Casino

· 01-20 10:44

HYPE drops from 50 to 25, and I knew this wasn't so simple—it's the incentive mechanism that failed. Lighter making such a big splash, it seems that perpetual trading is really a fierce internal competition.

View OriginalReply0

ZKProofster

· 01-18 15:53

honestly the hype coin volatility is textbook liquidity crisis dressed up as "market competition"—technically speaking, when your token swings $9 to $50 to $25 in that timeframe, you're not looking at healthy adoption, you're watching incentive misalignment play out in real time. the math just doesn't check out.

Reply0

MainnetDelayedAgain

· 01-18 15:52

According to the database, soaring from $9 to $50 and then back to $25, this move is already enough to be listed in the Guinness World Records.

View OriginalReply0

TestnetFreeloader

· 01-18 15:51

Hype, this wave dropped from 50 to 25, I really can't hold on anymore. If I had known earlier, I would have bought the dip... Now everyone in this track wants a piece of the pie. Let's see who can survive until the end.

View OriginalReply0

MeaninglessGwei

· 01-18 15:47

hype this roller coaster is really amazing, dropping from 50 to 25, feeling like being cut multiple times Lighter's momentum is indeed strong, but how long the stacked incentives can last is really hard to say The perpetual track is now a race for armament, whoever has lower fees wins I think in the end, the big exchanges will still eat this cake; no matter how new platforms compete, they can't beat them No, now every project wants to build its own trading platform, this logic is a bit absurd Having a good product experience is useless; it all depends on whether the coin price drops or not. When the price drops, everyone is useless How is the Aster side doing? Seems like there hasn't been much news lately

View OriginalReply0

DisillusiionOracle

· 01-18 15:38

Hype drops from 50 to 25. Is this what you call competitive vitality? I think the strategy of burning money to boost popularity through incentive mechanisms will eventually have to settle the debt. What’s the big deal about Lighter’s grand momentum? When it really heats up, it will just be another wave of zeroing out. Perpetual trading is just a meat grinder; whoever has the lowest fees wins. Don’t talk about product design.

View OriginalReply0

GhostAddressMiner

· 01-18 15:36

Watching Hype rise from 9 to 50 and then fall back to 25, this trend itself is quite intriguing. I tracked the on-chain large holder's fund migration trajectory, and those early coin-holding addresses experienced several waves of abnormal large-scale transfers at the peak. The contract addresses they point to are currently all dormant. Is it really a collapse of the incentive mechanism, or is someone carefully orchestrating a liquidity trap? I can't quite see through it right now.

View OriginalReply0

PumpDetector

· 01-18 15:33

hype's pump-and-dump pattern screams institutional dump to me ngl... 9 to 50 then back to 25? that's not market correction, that's whale psychology warfare. been reading the on-chain flows and the smart money literally disappeared mid-run. classic.

Reply0