Hyperliquid (HYPE) Volume Is Fading, and Traders Are Noticing

Hyperliquid (HYPE) has been one of the most talked-about perp platforms of this cycle. For months, it dominated conversations around decentralized derivatives, thanks to deep liquidity, zero fees, and aggressive growth. But something has shifted. New data reveals a decline in trading volumes on Hyperliquid, with open interest dropping back to levels observed in May