Key Takeaways
- In the thirteen weeks to Dec. 15, traders pulled over $2 billion from Hyperliquid.
- The once-dominant perpetual futures exchange faces rising competition.
- As outflows pile up, the value of HYPE has plummeted.
Earlier this year, Hyperliquid’s runaway success seemed unstoppable, and its native token, HYPE, climbed nearly continuously for the first nine months of 2025.
However, amid heightened competition from upstart perpetual futures exchanges, net outflows since September have shrunk the total value locked (TVL) on Hyperliquid, while the price of HYPE has declined 40% in the last month.
Hyperliquid TVL Declines 45%
From a peak of $2.79 billion on Sept. 19, in the space of two months, Hyperliquid’s TVL declined by more than 45% to $1.48 billion, DeFiLlama data shows.
In the thirteen weeks to Dec. 15, traders pulled over $2 billion in USDC from the platform.
The drawdown reflects worsening conditions in the broader crypto market. But it also coincides with the rise of alternative perp exchanges that have siphoned trading activity.
In the last 30 days, Aster and Lighter have both outstripped Hyperliquid’s trading volume, knocking the former champion into third place.
Meanwhile, without the bullish glow associated with platform dominance, HYPE has pulled back significantly.
HYPE Crashes 40%
In the month to Dec. 19, HYPE declined by nearly 40%. The cryptocurrency is now down around 58% from its all-time high in September.
The reversal highlights how quickly sentiment can turn in the increasingly competitive perpetuals market, where liquidity is becoming more mobile as traders chase incentives across platforms.
Whether the protocol can stabilize outflows and reassert its edge may determine if HYPE’s retreat proves temporary or marks the end of its breakout run.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
