What Is the Next HYPE Token: 5 Perp DEX Coins That Could Follow Hyperliquid

Key Takeaways

• The perp DEX market grew 325% from $1.5T to $6.38T in one year with the DEX/CEX ratio climbing from 3% to 13% in 2025 alone
• Aster briefly captured 70% of global perp DEX volume in September 2025 knocking Hyperliquid to 10%, proving the market is not yet locked
• The 5 tokens presented below are best positioned to follow Hyperliquid’s explosive trajectory

Perp DEX trading volume jumped from $1.5 trillion to $6.38 trillion in a single year, a 325% surge that caught most of the market off guard. The DEX-to-CEX ratio hit 13% in November 2025, up from just 3% at the start of that year. Hyperliquid dominates with over 70% of perp DEX market share, but one event made it clear the market is not locked: in September 2025, Aster briefly knocked Hyperliquid from 70% down to around 10% of global perp DEX volume before Hyperliquid recovered.

The next HYPE token is the question every DeFi trading tokens investor is asking. These 5 perp DEX coins have the strongest case for following that trajectory, based on funding structure, volume growth, product design, and how early the opportunity still is.

Also Read: Hyperliquid Airdrop Guide: Points, Rewards, Strategies, and Staking Explained

One Already Knocked Hyperliquid to 10% Market Share and Four More Are Coming for It

1. dYdX (DYDX): The Oldest Survivor

dYdX has been around since 2017, which in perp DEX years is basically ancient history. It started on Ethereum, moved to a StarkWare-based Layer 2, and eventually migrated to its own Cosmos-based chain for full decentralization and higher throughput. That migration gave it more control over speed and scalability than most competitors can claim.

The platform supports over 220 markets with up to 50x leverage and accepts deposits from six major blockchains including Ethereum and Arbitrum. Fees sit at around 0.05% for makers and 0.1% for takers, and the protocol allocates 25% of fees to token buybacks. TVL has stayed above $1 billion and daily trading volume has consistently come in around $2.8 billion.

What makes dYdX a serious candidate among the best DEX tokens is its track record. No major exploits. Consistent liquidity. An interface that genuinely competes with centralized exchanges on usability. For traders who are skeptical of newer platforms and need something proven, dYdX is the one. It may not have the explosive upside of a brand-new launch, but it is also not going anywhere.

2. Avantis (AVNT): The Largest RWA Perp DEX on Base

Avantis is a perp DEX built on Base, backed by Pantera, Coinbase, and Base itself, making it the first perp DEX to receive a direct investment from Base. It is also the largest DEX on Base by volume, with over $20 billion in cumulative trading since February 2024 and a $15 million annualized revenue run rate.

What separates Avantis from most perp DEX platforms is its asset range. Beyond crypto, traders can access forex, commodities, indices, and equities with up to 500x leverage. The platform pioneered zero-fee perpetuals, a model where fees are only charged on profitable trades, which is a genuine structural advantage over platforms that charge regardless of outcome. In March 2026, Avantis activated a buyback and burn program using 30% of daily trading fees to purchase and retire AVNT from the open market, with a roadmap target of 50%.

The AVNT token has a fixed supply of 1 billion, with 50.1% allocated to the community across airdrops, trader rewards, and developer incentives. TVL has crossed $100 million and the user base has grown past 65,000. Among Hyperliquid alternatives with a live token and real revenue, Avantis is one of the few that has product-market fit clearly visible in the numbers.

3. Aster (ASTER): The Most Direct Challenger

Aster is what happens when Binance Labs money meets a genuinely aggressive product roadmap. Born from the merger of Astherus and APX Finance, Aster runs across multiple blockchains including BNB Chain, Ethereum, Solana, and Arbitrum. It was backed by YZi Labs, the fund formerly known as Binance Labs, and endorsed publicly by CZ, which is about as strong a seal of approval as a perp DEX can get in this market.

The platform offers four trading modes. Pro Mode is a full order book experience with advanced tools including grid trading and hidden orders. The 1001x Mode is a one-click trading interface with MEV resistance and up to 1001x leverage. Dumb Mode is a simplified prediction product for short-term bets. And the platform also supports yield products including liquid staking and a yield-bearing stablecoin, both usable as collateral.

In September 2025, Aster captured around 20% of global perp DEX market share shortly after its token launch, briefly overtaking Hyperliquid in daily volume. That kind of disruption from a weeks-old platform is the thing that makes ASTER one of the strongest HYPE token analogues in the space. The multi-stage airdrop program is also still running, with 53.5% of total supply earmarked for the community.

Also Read: What Is Tokenization: BlackRock Is In and Here Is How You Get In

4. Lighter (LIT): Zero Fees, Ethereum Security, 25% Supply Still Unreleased

Lighter is a perp DEX built on Ethereum Layer 2 with off-chain order matching and on-chain settlement. Trades confirm in milliseconds while final settlement happens on the Ethereum mainnet. The platform processed over $8 billion in daily trading volume during peak activity and launched its LIT token in December 2025.

Season 1 and Season 2 points holders received 25% of total supply at launch. A further 25% is explicitly reserved for future seasons, and Season 3 has not been announced. LIT staking went live in January 2026 at around 17.8% APR, giving holders a way to earn while the next distribution cycle takes shape.

Lighter is backed by Founders Fund, a16z, and Coinbase Ventures at a $1.5 billion valuation. The zero-fee model on select markets and the unreleased season allocation make it one of the stronger HYPE token comparisons among DeFi trading tokens that are still in early distribution. For traders looking at Hyperliquid alternatives with Ethereum-native security and a live token, Lighter is the closest thing to a free position still on the table.

5. Pacifica: Self-Funded, No VC Dilution, Built Exactly Like Hyperliquid Was

Pacifica is the one perp DEX on this list that most closely mirrors what Hyperliquid looked like before HYPE launched. It is entirely self-funded, with no venture capital backing, which means there are no investor lockups sitting overhead waiting to dilute a community distribution. Hyperliquid’s Genesis airdrop averaged roughly $45,000 per wallet across 94,000 addresses, and that structure was made possible in part because no VC allocation came first.

The platform was founded in January 2025 by former FTX COO Constance Wang, with a team that includes veterans from Binance, Coinbase, Jane Street, and OpenAI. It runs on Solana, supports up to 50x leverage, accepts USDC collateral, and requires no KYC. A built-in AI trading assistant handles real-time risk analysis on open positions. Despite running in closed beta at the time of writing, Pacifica had already overtaken Jupiter to become the largest perp DEX on Solana by 24-hour volume.

The points program is live and still early. Among all the Hyperliquid alternatives on this list, Pacifica carries the highest risk-to-reward ratio and also the most structural similarity to what made HYPE one of the best DEX tokens in DeFi history. CoinGecko’s State of Crypto Perpetuals Report 2026 identified Pacifica as one of the newer perp DEX platforms gaining market share alongside Extended and Variational, all three running points programs that signal airdrops are likely in the pipeline.

Also Read: President Trump’s Promise to Protect Crypto, Predictions Markets

Conclusion

The perp DEX market is still in a phase where a single platform can go from zero to 20% of global volume in weeks. Aster proved it. The five tokens on this list cover every angle: institutional backing, capital efficiency, Ethereum-native security, the longest track record, and the exact self-funded model that made Hyperliquid’s HYPE token what it is. The next winner in DeFi trading tokens is already being built. Whether it ends up being one of these five or something that emerges alongside them, the market has made one thing clear: 70% market share in the perp DEX space is not a guarantee of permanence.

FAQ

1. What is a perp DEX?

A perp DEX is a decentralized exchange where traders can open leveraged positions on crypto assets using perpetual futures contracts, which have no expiry date. Unlike centralized exchanges, users keep custody of their funds and all trades settle on-chain.

2. Is Aster the next Hyperliquid?

Aster is the most direct challenger, having briefly captured 70% of global perp DEX volume in September 2025 before Hyperliquid recovered. Whether it sustains that momentum depends on whether it converts short-term volume into long-term open interest.

3. Do I need KYC to trade on these perp DEX platforms?

No. dYdX, Avantis, Aster, Lighter, and Pacifica all operate without KYC requirements. You only need a self-custody wallet and USDC collateral to get started on any of them.