A new thesis from DeFi analyst Patrick Scott argues that despite losing market share to rivals, Hyperliquid remains the most investable decentralized exchange for perpetual futures. Perp DEX market in fluxPerpetual futures — or perps — are crypto derivatives that allow traders to speculate on prices without an expiry date. Hyperliquid’s share of perp DEX volume fell from 45% to just 8% in recent weeks, while Binance-affiliated rival Aster ballooned to more than $270 billion in weekly trades. It’s much stickier,” he wrote, noting Hyperliquid still commands about 62% of the perp DEX open interest market. Scott cautioned that his thesis would be invalidated if Hyperliquid’s open interest or revenue dropped materially, or if USDH failed to gain liquidity over the next year.