Despite HL being the best perp in the space, I think the current position of $HYPE is in danger. The biggest concern is the team unlocks: starting 29 Nov 2025, 216.58K $HYPE (worth about $6.7M atm) will unlock every day for 3 years. There’s also a lack of incentives to attract more users and grow volume → revenue, especially compared to competitors: @Lighter_xyz : $100+ for each point @Aster_DEX : token heavily supported by CZ New emerging perp DEXs with point campaigns: @paradex , @extendedapp , @edgeX_exchange Gonna eat $hype once it hit $20 zone.