The Covert Battle for Dominance in the Wallet Sector: A 2025 Update on Hyperliquid and Perpetual Trading Integration

Title: The Covert Battle for Dominance in the Wallet Sector: Hyperliquid Takes Center Stage in 2025

Date: October 10, 2025

As the dust settles from our previous exploration of the covert battle in the wallet sector, the demand for an update has surged. The spotlight now shines on Hyperliquid, the hottest topic of 2025, as wallets, exchanges, decentralized exchanges (DEXs), and AI trading platforms vie for supremacy in this rapidly evolving landscape.

1. Background: A Market in Flux

Over the past 25 years, the perpetual trading platform market has witnessed a staggering five-fold growth, marked by significant peaks and valleys. The rise of competitors like Aster, Lighter, and Sun Perps has shaken the status quo, with their recent Twitter space event breaking records for online viewership at a Web3 industry conference.

The current state of the market resembles the chaotic competition among DEXs during the DeFi Summer, where platforms like Uniswap and Pancakeswap fought for dominance. Today, wallets are racing to integrate perpetual trading capabilities, with Metamask and Phantom leading the charge, followed closely by Bitget and a host of startups like Axiom and BasedApp.

2. The Mechanics of Hyperliquid

At the heart of this battle lies Hyperliquid’s innovative rebate mechanism, which combines Builder Fees with Referral incentives. This groundbreaking approach allows DeFi builders to earn additional revenue while keeping transaction fees stable for users. However, as initial success wanes, questions arise about the long-term viability of this model.

The disparity in revenue among platforms raises critical questions: Why does Metamask’s user base generate five times the revenue of Phantom? What accounts for the revenue gap between BasedApp and Axiom? These discrepancies highlight the complexities of the market and the challenges faced by platforms in maintaining user engagement.

3. Strategies for Success

Understanding the interconnectedness of various platforms is crucial. Each PERPS provider has opened its API, offering a range of functionalities from account status to market data. However, the reliance on official APIs presents challenges, including potential traffic limitations and the risk of data inconsistency.

Metamask’s straightforward integration approach contrasts with Phantom’s emphasis on user experience, which relies on a more complex backend system. Meanwhile, innovative platforms like Trade.xyz and VOOI Light are exploring unique strategies, such as cross-chain trading and AI-assisted trading, to carve out their niches.

4. The Complexity of Integration

The integration of Hyperliquid is not a simple task. Platforms must navigate the complexities of market fluctuations and user expectations. As wallets strive to offer advanced features, the question remains: Can they maintain user loyalty in a competitive landscape?

The current market structure reveals a stark reality: a small percentage of users control the majority of trading volume. This concentration of wealth poses challenges for platforms seeking to attract and retain a broader user base.

5. Conclusion: The Future of Perpetual Trading

As the battle for market leadership continues, the integration of perpetual trading capabilities remains a contentious issue. While Hyperliquid’s innovative approach has garnered attention, the long-term sustainability of these integrations is uncertain. Many platforms may find that the costs of maintaining these features outweigh the benefits.

In the coming year, the focus will shift to acquiring new users from non-CEX sectors, as platforms seek to establish themselves in this competitive landscape. The covert war for wallet integration is far from over, and the outcome will shape the future of perpetual trading.

Disclaimer: This article presents a condensed overview of complex technological solutions and does not imply any endorsement or criticism of specific products or companies.