Hyperliquid saw over $430 million in weekly outflows, its third-largest loss to date, reducing total value locked from more than $6 billion in mid-September to about $4 billion. The platform’s native token HYPE fell nearly 20% during the same period. Rival decentralized exchanges Lighter and Aster have climbed in DEX perpetual trading rankings, intensifying competitive pressure on Hyperliquid’s market position.