Hyperliquid leads — but a wave of rivals now competes on fees, privacy and chains.
Hyperliquid’s share fell from ~80% to ~30–40% as competitors matured. Aster and Lighter rival it on volume; Paradex adds privacy; edgeX adds low-latency self-custody; dYdX offers a longer track record.
The #2 by volume — flips Hyperliquid on busy days, with airdrop upside.
Zero-fee and the only venue with confidential positions.
For volume, Aster; for zero fees, Lighter or Paradex; for privacy, Paradex; for maturity, dYdX.