Hyperliquid and Perps DEX have benefited from one key thing this cycle: giving everyone the chance to break free from the monopoly of CEXs. This is very similar to the starting point of DeFi Summer. Back then, many users were fed up with black-box operations and data manipulation but had no other choice. DeFi emerged, sparking awareness of self-custody and asset sovereignty. However, Perps hadn’t been fully integrated into that wave yet. This cycle feels like a completion of that gap. Later, CEXs went through a round of reshuffling and elimination, while DEXs carved out their own market. Competition and change are never about destruction but about the industry moving toward rebirth.