Some parts of the crypto world think Hyperliquid might be slowing down. That talk comes as new numbers show traders and capital flow shifting toward new DeFi projectsSome parts of the crypto world think Hyperliquid might be slowing down. That talk comes as new numbers show traders and capital flow shifting toward new DeFi projects

Is Hyperliquid Losing Ground? On-Chain Data Highlights Rising HFDX Adoption

2026/02/05 00:45
4 min read

Some parts of the crypto world think Hyperliquid might be slowing down. That talk comes as new numbers show traders and capital flow shifting toward new DeFi projects like HFDX. On-chain data shows trading patterns and volume trends that hint at real changes in where users spend their time and capital.

Meanwhile crypto prices, news, and expert views shape how people see these projects today. In this piece, we look at Hyperliquid’s recent situation and then contrast it with what HFDX is doing. The goal is to give you a clear snapshot of the current state of play.

Hyperliquid: On-Chain Data, Price Moves and What Experts Say

Hyperliquid’s native token HYPE has had a mixed run lately. Some reports show that HYPE had strong periods of trading and network activity in 2025. At times, its prices climbed after large on-chain liquidity and network upgrades that lowered fees and drew traders to its perpetual markets. On-chain figures show huge trading volumes and growing open interest, which helped push HYPE toward past price highs.

But recent market chatter suggests pressure on the token. Some news points to price slides or sideways trading around current levels, even though earlier in late 2025 it rallied thanks to on-chain liquidity innovations.

Analysts and price prediction models still talk about potential upside for HYPE into future years. Some long-term price outlooks suggest that if adoption and volume remain strong, HYPE could trade significantly higher in the medium term.

Still, not all views are upbeat. Some experts say the market overall remains weak, and the hype around early growth may fade as users look for fresh opportunities. The idea that Hyperliquid is losing ground is tied to how traders react to alternatives and look for new ways to manage capital and risk.

HFDX: On-Chain Futures and Structured Yield Momentum

HFDX is a newer protocol that offers non-custodial perpetual futures trading along with structured yield frameworks based on real protocol revenue. It targets active traders and investors who want precise tools without giving up control of their assets. HFDX runs entirely on-chain, and all actions, whether trades or liquidity participation, happen in smart contracts.

On-chain data shows some traders migrating from legacy decentralized exchanges to HFDX because of its risk-managed liquidity strategies and transparent fee structure. Reports that Bitcoin perpetual traders have been splitting volume between Hyperliquid and HFDX point to a real shift in user priorities. HFDX’s structured approach draws those who want returns tied to actual trading revenue and borrowing fees rather than just speculation.

HFDX’s technical design mixes deep liquidity with risk controls that appeal to DeFi-native users. The liquidity loan note (LLN) strategies let participants put capital into protocol liquidity and receive fixed rates that reflect real activity. This model may attract users seeking a different balance of risk and return.

What HFDX offers:

  • On-chain perpetual futures with full user custody
  • Trades that clear against shared liquidity pools
  • Pricing based on decentralized oracle feeds
  • Liquidity Loan Note strategies with fixed terms
  • Yield tied to trading fees and borrow costs
  • Smart contracts that manage risk rules on-chain

Experts Note A Shifting Landscape

In the short term, Hyperliquid still holds significant on-chain volume and active user counts. Its upgrades and network features helped it achieve strong adoption in earlier phases, and experts continue to discuss its price prospects. Still, recent market signals and trader behavior hints that some of its user base is looking elsewhere.

HFDX’s rise does not mean Hyperliquid is done. It just shows the market is evolving. Traders now split capital, test new products, and choose platforms based on what fits their goals. HFDX’s structured yield options and transparent execution are part of that shift. The next few months will be critical for both protocols as price trends, on-chain metrics, and user choices play out in real time.

Make Your Money Work Smarter And Unlock A Wealth Of Opportunities With HFDX Today!

Website: https://hfdx.xyz/ 

Telegram: https://t.me/HFDXTrading 

X: https://x.com/HfdxProtocol 

The post Is Hyperliquid Losing Ground? On-Chain Data Highlights Rising HFDX Adoption appeared first on Blockonomi.

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