DEX Adoption, HIP-3 Drive HYPE $200, Rivals Threaten Hyperliquid Dominance
Hyperliquid, a decentralized perpetuals exchange, has seen rapid growth in 2025 amid rising competition from rival DEXs offering attractive rewards. Cantor Fitzgerald predicts Hyperliquid’s HYPE token will reach $200 by 2035, driven by the Hyperliquid Improvement Proposal 3 (HIP-3) and a buyback model that returns nearly all trading fees to token holders via the Assistance Fund (AF). This fund aims to repurchase about 291 million HYPE tokens, reducing the circulating supply to 666 million, and supports a projected 15% annual token price growth rate. The broader DEX market share climbed from 2.1% in January 2023 to 11.7% in November 2025, as decentralized venues attract more trading volume. However, emerging rivals—especially Lighter DEX with its zero-fee trading and points-based yield farming—pose a significant threat to Hyperliquid’s growth and user retention. Lighter’s upcoming token generation event is drawing substantial trader attention and activity, with point valuations reaching $12 on OTC markets.
