Hyperliquid is the king of perps with the highest revenue, TVL, and open interest. For the longest time, none of these metrics were seriously challenged. But infrastructure is getting commoditized and zero-fee builder codes are heating up the competition. A third of Hyperliquid's flow already routes through third party builders, and that's where competitors offering better economics can make their move. Can Hyperliquid retain its dominance? Read more here.👇(Delphi Digital)