HYPE’s Price Slides While Perps Hit $1T – What’s the Deal? 🤔

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Perps trading is having a huge year, crossing the $1 trillion mark in volume. But even as activity surges, the market itself is starting to change. 🤯 (Spoiler: It’s not a happy ending.)

New players are in, old leaders are losing a bit of shine, and sentiment isn’t moving in the direction you’d expect. Like a bad dating profile, it’s all hype and no substance. 💸

Here’s the rundown. (Because nothing says “entertainment” like watching a cryptocurrency token cry into its pillow.)

The perp market is getting crowded

Competition has heated up this year. Perp trading volume has climbed more than $1 trillion year-over-year, yet the market no longer looks as one-sided as it did in early 2025. 🎯 (Sure, it’s a party, but the guest list keeps changing.)

New platforms like Lighter and Aster [ASTER] now make up large slices of total activity, with Lighter reaching around 28% of volume in recent weeks. Aster has also carved out a presence at roughly 19%. 🧐 (They’re the new kids on the block, and they’re already causing drama.)

But even with this shift, leader Hyperliquid [HYPE] still dominates the space. It continues to hold the largest share of users on the chart, keeping control of more than half of the market. (Because nothing says “unstoppable” like a token that’s still clinging to its throne.)

Strength isn’t obvious, though

Despite Hyperliquid’s strong position with users and open interest, its token hasn’t moved in the same direction. HYPE fell by roughly 13% over the past week. 📉 (It’s like a stock that’s been grounded by a group of confused pigeons.)

Prices were below all major moving averages, and recent candles showed repeated failed attempts to push higher. At the time of writing, the RSI was stuck in a lower range. 🕵️♂️ (It’s not just a dip-it’s a full-blown existential crisis.)

The drop looks very sentiment-driven. The platform is still leading the market, but traders don’t seem convinced right now. That disconnect is visible in the price. (It’s like a relationship where one person’s all in and the other’s just there for the snacks.)

AMBCrypto previously reported that Hyperliquid had finalized its merger with Sonnet, a move that opens HYPE to U.S. public-market access and forms one of the largest crypto treasuries in the space. 🏦 (Because nothing says “stability” like a merger with a company that’s basically a crypto version of a trust fund.)

The deal followed a $265 million bid for HYPE and briefly pushed the token up as much as 17% before rejection at $35. 🚫 (It’s like a bad first date-exciting, then abruptly cancelled.)

Strong DAT participation could help limit downside and support future recovery. (Or it could be a fancy way of saying “hope for the best, prepare for the worst.”)

Traders aren’t pulling back

At press time, Open Interest has stayed steady around the $1.28 billion – $1.29 billion range, so traders aren’t exiting positions or scaling down exposure. 🕰️ (They’re like the guests who refuse to leave a party even when the music’s stopped.)

Funding Rates also remained slightly positive, so there’s still a lean toward long positioning. 📈 (Because nothing says “optimism” like betting on a token that’s been through a wringer.)

Traders are still active, liquidity hasn’t thinned, and the perp market on Hyperliquid continues to function with strength. (It’s like a broken printer that still somehow manages to spit out pages.)

For now, the dip looks more like hesitation, and it will be long before this momentary fall changes into a long-term trend. (Because nothing says “resilience” like a market that’s just taking a nap.)

Final Thoughts

  • The surge past $1 trillion in perp volume shows traders are still all-in despite shifting market share. (Because why leave a party when the snacks are still good?)
  • Hyperliquid’s dominance remains intact, and recent DAT activity could give HYPE a stronger floor. (Or it could just be a fancy way of saying “we’re not giving up yet.”)

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2025-12-07 06:21