Hyperliquid saw over $430 million in outflows this week, marking the third-largest weekly net outflow record

According to The Block, based on Dune data, Hyperliquid's outflows this week have exceeded $430 million, marking the third-largest outflow in the platform's history.

The protocol's TVL has dropped from over $6 billion in mid-September to around $4 billion. Meanwhile, the protocol's native token HYPE has also fallen nearly 20% in the past week amid a generally sluggish market. Although on-chain data may not necessarily reveal the specific motivations of traders, competition among decentralized perpetual contract platforms may have contributed to the rotation of funds. As these outflows occur, competitors like Lighter and Aster have rapidly risen in the rankings of perpetual contract DEX trading volume this year, eroding Hyperliquid's dominance in the DEX perpetual contract market.