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Hyperliquid's Market Share Drops from 80% to 20% Amid Intensifying Competition

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Hyperliquid's market share has fallen from 80% in May 2025 to around 20% by early December 2025, according to market analysis. The decline follows a shift to a B2B 'liquidity AWS' model, rising competition, and reduced incentives. Rivals like Lighter have gained traction by offering spot and perpetual stock markets. Market trends suggest Hyperliquid’s future may hinge on HIP-3 and Builder Codes, which aim to position it as core financial infrastructure.
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