The Perp Dex competition continues to heat up. What started as Hyperliquid's monopoly has slowly fragmented. Open interest share has dropped to around 50% while volume share is now around 20%. The emergence of new players like Aster, Lighter, and Drift is leading to a more balanced playing field where traders have real alternatives. Incentive programs are fueling some of this migration but beyond rewards, platforms are offering genuine product differences such as zero fees and higher leverage. The market will see if Hyperliquid remains on top.