What is the current state of the perpetual contract market? In the long run, Hyperliquid remains a leader in key metrics such as revenue, TVL, and open positions.

These data points were once uncontested. But recently, the situation is changing.

Infrastructure is becoming homogenized, and zero-fee developer incentives are sparking fierce competition. The battle for market share is becoming more intense, and new participants have a chance to enter. How will this round of competition develop? It depends on who can find the best balance between liquidity, user experience, and cost control.