币界网报道：Hyperliquid’s [HYPE] remarkable growth may face headwinds over the summer as competition is about to arrive in the crypto perpetual contract market. During the second quarter’s recovery, Hyperliquid’s surge in activity drove HYPE up 183%, even outperforming Bitcoin [BTC] by 30%. But that momentum may face new turbulence as Coinbase announced that it will launch futures perpetual contracts on July 21. In fact, it takes direct aim at the derivatives sector where Hyperliquid is currently thriving. “You asked for it, we delivered,” tweeted Coinbase CEO Brian Armstrong, echoing the exchange’s major leap forward. The exchange will offer nano Bitcoin (0.01 BTC) and nano Ethereum [ETH] (0.10 ETH) perpetual futures that are fully CFTC-compliant and are designed to fill a long-standing domestic gap in crypto derivatives access. The contracts will not have fixed expiration dates, but will include hourly Funding Rates and long-term expiration. The move challenges offshore dominance and puts pressure on Hyperliquid, whose no-KYC, high-leverage advantage Coinbase now aims to legally replicate. Will Coinbase eat Hyperliquid's lunch? The Hyperliquid DEX debuted last year, but already has $2.78 billion in BTC open interest (OI). That's fourth, behind Binance, Bybit, and OKX. But Coinbase's move raises mixed views on the medium-term moat of DEXs. Messari analyst Troy Harris said BitMEX founder Arthur Hayes holds similar reservations. In a recent interview, Hayes said the roughly 30,000 Hyperliquid users might opt for "easier" alternatives to Coinbase or Robinhood. Others, however, believe Coinbase perps will eventually migrate to Hyperliquid, citing low fees and no KYC required. Whales Are Watching, They’re Not Waiting Despite mixed views, whale interest in HYPE remains strong. Two institutional whales, Galaxy Digital and Manifold Trading, deposited nearly $50 million and began buying HYPE. While the continued interest from large players may bode well for HYPE’s price outlook, the market is somewhat cautious in the short term. Santiment data confirms that HYPE’s weighted sentiment has been negative to neutral since June 20. Even with whale accumulation, broader retail confidence remains fragile. Meanwhile, CoinGlass’ 7-day liquidation heatmap marks $33, $35, and $39.6 as key liquidity magnets. The current price action is near both ends of the liquidity range, exposing HYPE to a tug-of-war between whale power and market hesitation.