BNB Chain Perpetuals $ASTER and $MYX Challenge $HYPE’s Market Lead

BNB Chain is heating up. Two new perpetuals, $ASTER and $MYX, are eating into $HYPE’s once-dominant position. Just a month ago, HYPE held 86% of the market. That number has now slipped to 62% in September 2025.

The shift signals a growing appetite for competition in the decentralized perps space, where liquidity, fees, and user trust drive market share.

For most of the summer, $HYPE commanded near-total control. Its August dominance stood at 86%, making it the undisputed leader among decentralized perpetual exchanges. But in September, that dominance dropped to 62%.

At the same time, new entrants are rising. $ASTER, backed by Binance, and $MYX, with its BNB Chain traction, are pulling traders away. The change is not only about hype cycles, it’s about deep liquidity and incentives.

According to CoinMarketCap, HYPE trades at $48.38 with a market cap of $16.16 billion, ranking 11 overall. That valuation has come under pressure in recent weeks as whales take profit and competition builds.

INSIGHT: BNB Chain perpetuals $ASTER and $MYX are challenging $HYPE’s market lead.$HYPE's dominance has dropped from 86% in August 2025 to 62% in September 2025. pic.twitter.com/tr2mWPqkzy

— CoinGecko (@coingecko) September 22, 2025

Hyperliquid Revenue Still Booming

Despite losing market share, Hyperliquid’s numbers are strong. Revenue for September has already crossed $700 million. That figure highlights how sticky perps volume can be, even as rival platforms grow.

The revenue momentum shows that traders still trust Hyperliquid’s rails. But questions remain: can it defend dominance with new players offering cheaper fees and deeper liquidity?

The news that rattled markets most came from a familiar name. Arthur Hayes, co-founder of BitMEX, dumped his entire $5.1 million $HYPE position on Sept. 21.

Hayes sold 96,600 tokens, securing about $823,000 in profit after holding for just one month. His exit sent $HYPE down nearly 5% on the day. Other whales followed, pulling large positions and deepening the selloff.

The total revenue for #Hyperliquid for September has crossed $700 million so far